Nifty looks weak, CNX IT has broken down: Prakash Gaba

In a chat with ET Now, Prakash Gaba, CFT, prakashgaba.com, shares his views on markets. Excerpts:

ET Now: What is your own sense of the index which is sliding below 8300?

Prakash Gaba: Looking at the index for last one hour or so gives me a feeling that it is giving in and has generated a sell. So, I would actually have a stop above 8400 and trade short. Possibly around 8,200 to maybe 8,250 are the levels I am looking at to cover the shorts because Nifty to my mind looks weak, CNX IT has broken down and banks has given an exhaustion pattern. To me, the down-move has started and we will see it happening in the days to come.