I have seen many traders who take decisions based only on global market. I don't deny the fact that global cues are important but depending only on the so called global cues doesn't make sense. I have also seen traders who exit long positions the moment they see DAX,CAC,FTSE opening in red.

In fact I was nervous when I saw Europe market down 2%. I thought that tomorrow we may witness a gap down open.  But we need to stick to the rules. If there are any weakness in the market that will be indicated by the chart.
Fortunately Nifty bounced back and closed at 4942 up by 35 points. Always remember that if a company or Index is oversold and if it trading at its key support level it is a time to buy.

Open Position          Purchase Price          CMP                P/L

Nifty Fut Long           4914                           4939               1250
Nifty 4900 put             102                               73               (1450)
Gross Loss                                                                            (200)