As yesterday went it was expected all day yet there was hardly any exit offered to banknifty long positions before the flash took them and this morning will likely be a bit more sane. The sentiment is not short as confirmed on the networks, esp on the nifty and tentatively on the banknifty, rather we are very bullish on bank. Exits though messy should be immediate and cannot be fine tuned or wait for the markets to save you. Though, exits for a long(short) in derivatives markets is usually a guided one before the trend firms up.
Further corrections will rub off larger on the Nifty but longer term investors are safe as Nifty is not going below 5250 except for a week or so of intra day moves, possibly. The Banknifty apart, other indices and individual picks are unlikely to follow in the wake but the indices remain rangebound.