Tag Archives: Futures and Options

Market Trade Setup 25th April #NIFTY

Expiry day arrives and it comes on the back of 150 point rally, and I was always talking about it in my posts for the last 2 days. Market sensed the mood of the nation in favour of BJP and that gave it a big push. The resistance level of 11700-11720 is broken and now 11700-11850 territory is open for Nifty now. The US markets last night was flat to negative with Dow closing 20 points down and the Asian markets today looks mixed. The first quarter GDP of South Korea comes at just 1.8% which is much lower than expected and that has influenced other markets and except Hong Kong, all the other Asian markets are down. Brent Crude is still stuck at 74 dollar mark and trading at 74.4 dollars.

Coming to the domestics, the heat of election campaign is picking up as the campaigning for the 71 seats of 4th phase reaches the peak and the nominations for the last phase going on. Modi will hold a huge road show in Varanasi today and he will be filing his nomination from there tomorrow in the presence of many NDA leaders. On the Q4 front, the mixed trend of results continues with India bulls housing finance, Bharti Infratel coming up with weak results while the star performer was Ultra tech cement which came up with fantastic numbers and M&M financials also reporting good numbers. Today Biocon, Maruti Suzuki, Rallis India and Tata steel are going to come up with their Q4 results and we need to watch them carefully.

On the derivatives front, expiry day is here and the rollovers to May are very high now and come at 58% with a day still left for expiry. Yesterday there was a monster rally which took the Nifty to 11750 levels and that created a lot of demand for puts again and the Nifty put call ratio rose to 1.65 from 1.30 levels seen at the beginning of the day. Yesterday the turn over was at 14.2 lakh crore which means that there is every chance of 22.03 lakh crore record will be broken today and we will have to see whether it happens or not. Yesterday 11700 put added 11.6 lakh positions and 11650 put added 8.3 lakh positions and 11600 put added 6.7 lakh positions. 11600 put now has the highest open interest and 11700 is not far behind. On the call side, 11800 has the highest open interest which means 11780-11800 could be a resistance.

What is the Nifty call for the day?

Yesterday all your targets would have met and you would have closed all your positions, except the one you have taken with 12000 as the target and today is the time to enjoy the profits. Today we will have a flat opening around 11720-11750 levels and that might be a small resistance and 11780-11800 is a substantial resistance on the upside. On the downside, support might come at 11680-11700 levels and today expiry might happen between 11700-11800 level and if we break 11680 then we might test 11650 levels. So, there is no need to take any risk today and you can relax and observe the expiry moves. If you get a dip below 11680 and if Nifty holds 11650 then you can think of going long there with 11720-11750 as the target. 

Market Trade Setup 24th April #NIFTY

The third and the biggest phase of polling is done and we had good polling of 67.41% vs 2014 figure of 67.28% which means we have matched the Modi wave polling and all those who are saying that the polling is less and voters are unenthusiastic need to re-look at their words again. Practically 303 out of 543 seats have polled and the market now knows who is winning and who is not. So, let’s see where it goes from today. US markets closed positive with Dow Jones gaining 140 points but Asian markets are sulking a bit today in flat to negative territory. Hong Kong is down 50 points and Japan is absolutely flat.

Coming to domestics, the polling is over and the higher voter turnout this time indicates that Modi is in the driver’s seat and the higher voter turnout was seen across all states like UP, Kerala, West Bengal etc. Now the focus shifts to a 4th phase which will go to polls on 29th. Another news is the AAP-Congress alliance in Delhi and Haryana did not happen as yesterday was the last day of polls. This also might work in favour of BJP. Lastly, the SC notice to Rahul Gandhi on the Chor remark he made will also create some news. Away from politics, today is another important day for Q4 results with Bharti infratel, ICICI prulife, Indiabulls Housing, M&M Financials, Tata Elxsi and Ultra tech cement coming up with their Q4 results.

On the derivatives front, tomorrow is the monthly expiry for the April series and there are some interesting moves seen. So far we have seen 42.4% rollovers which is slightly higher and what is more important is a lot of FII buying that happened in Nifty Futures and that too for May futures when election results are due. That took the Nifty futures long exposure to 70% and last Thursday it was at 62%. This sudden jump should be seen carefully. n options the Nifty put-call ratio remained steady at 1.30 vs 1.35 seen at the beginning of the day. 11700 call added 11 lakh positions while 12000 call shed 3.9 lakh positions which makes 11700 the highest for this series. On the put side, 11500 put has the highest open interest followed by 11600 put.

What is the Nifty call for the day?

A mildly negative Asia means we are likely to open flat around 11580-11600 zone and this is a strong support zone. If 11570 is taken out then 11520-11550 will be tested. On the upside, 11700-11720 is a strong resistance difficult to overcome. You would have taken long positions yesterday in 11600-11620 mark and today they will give you profits. If the 50 point target is reached then you could exit that position. But I have another trade to suggest now. You can go for a long position in May futures today with 12000 as the target for the election day or the exit poll day. The target can be reached before also. This position can be different from the daily positions you take. There is a chance of 350-400 point profit for the next series and take these positions to benefit from the upmove, which is going to come.

Market Trade Setup 23rd April #NIFTY

Crucial day of the entire April-May election months with 117 seats of 543 seats going for polls today. This is the phase where the largest number of seats are going for polls and with this 303 out of 543 seats would have completed and more or less we will get an idea which way the wind is blowing. So, tomorrow will be a very crucial day for the market and the behaviour of the market tomorrow will more or less tell you who is winning and who is not. But for today the global cues are mostly centred around Brent Crude which went to 6 month high of 74.5 dollars and on its way towards 75 dollars. Added to that Asian markets are subdued and Dow closed in a slightly negative territory losing 50 points.

Coming to domestics, today is the polling day and as told above 117 seats are going for polls and BJP holds 62 of them. From now on, it’s going to be more and more of BJP seats as we are moving towards North India. South will end polling with today, as 1 seat from Tamil nadu, 20 seats from Kerala and 14 seats from Karnataka are going for polls. Apart from that the entire state of Gujarat where BJP holds 26/26 seats is going for polls along with the remaining 7 seats in Chattisgarh. Goa’s two seats are also going for polls today. There are 1612 candidates from 15 states and Union Territories are going for polls. Evening there will be a post from me which will talk more about the 3rd phase. Q4 results are also going to pick up from today as cement major ACC cement along with Tata Global and Sterlite tech are coming up with Q4 results.

On the derivatives front, yesterday was a very low volume day as the participation from the FIIs was minimal due to Easter Monday. The fall coming from a low volume is not a very significant indicator and the Nifty put call ratio fell to 1.35 from 1.71. The volatility also jumped to 24% which is highest in many months. 11700 put shed 8.4 lakh positions, and 11800 put shed 8.8 lakh positions and the only strike which added open interest is 11550 put added 3.5 lakh positions. On the call side 11700 call added 29 lakh positions and 12000 call added 9.8 lakh positions. 11700 call and 12000 call almost have similar open interest of 41.5 lakh and 41.4 lakh respectively, which means either 11720 can be the top for this series or it can go all the way to 12000. With 24% volatility, nothing can be ruled out.

What is the Nifty call for the day?

Yesterday we saw a sudden fall in the afternoon to 11550 levels before recovering and closing just below 11600 mark. I had warned you not to go long if Nifty drops below 11670 mark before 10.30 and at 10 AM itself Nifty touched 11650 mark and I hope you have stayed away from the market. Today is the day where you will go long if you believe that BJP is winning this election. From today we can see a turnaround for next 2-3 days that might take Nifty past 11900 and might even go to 12000 mark. We can start seeing it somewhere today afternoon itself and tomorrow we could see that playing out in full swing. For today, we might open flat around 11600-11630 mark and you can go long here and keep a target of 50 points from wherever you were able to go long. 11700-11720 is a big resistance that it has to overcome, and if that happens then Nifty is on its way towards 12000. All my predictions are based on BJP winning and if the news goes the other way then sees a big collapse towards 11500. 

Market Trade Setup 18th April #NIFTY

We are back again for the 3rd and the last trading day of the week. Today is a very important day as there are plenty of cues that the market has to understand and digest. There is the 2nd phase of elections going on today and then you have the sad news of Jet Airways and added to that are the Q4 results that are coming. Globally things don’t look great, as Dow ended in a flat zone last night with a loss of just 3 points. But Asian markets look red today as almost all the Asian markets are in flat to the negative zone. Hong Kong and Japan are down 100 points each. Brent crude crossed 72 dollars yesterday when we were not trading but today it corrected to 71.4 dollars.
Coming to domestics, today is the 2nd phase of elections and 95 seats are going for polls today and out of that 52 seats are in South Indian states of Tamil Nadu and Southern Karnataka. BJP has 38 out of these 95 seats so it’s not going to be very crucial but what happens in Tamil Nadu and Karnataka will be closely observed by the market. NDA has just 3 out of 39 seats going for polls today and with the tie-up, with AIADMK anything is going to be gain. So, the better the AIADMK performs the better will be the NDA. Out of 14 seats going for polls in South-Karnataka BJP holds only 6 while Congress holds 6 and JDS 2. This time Cong-JDS are fighting together so it’s going to be a challenge for BJP to protect those 6 seats but infighting in Cong-JDS camp means BJP still has a chance. All this will be visible in market movements today.
On the Q4 results front, Wipro came up with their Q4 on Tuesday evening and it was a disappointment again like Infosys. Mind tree which also came up with the result yesterday was good. So, IT space is mixed with TCS and Mindtree reporting good numbers and Wipro and Infosys disappointing. The big news today is Jet Airways announcing yesterday that all flight operations are going to be suspended today. This reminds me of King Fisher story which reached a peak of 320 rupees in 2008 and came crashing to 13 rupees losing 90% of its peak value when its operations suspended on 20th October 2012. Today King Fisher is at 0. Jet started in 1993, reached a peak value of 1300 in 2005 and even in 2018 its share value was 850. Now on the day of suspension, the share value is at 240 rupees 80% loss from its peak value and now we will see the stock hitting circuit filters and the share approaching to zero if nothing is done to protect the company. Jet presently has more than 1600 employees.
On the derivatives front, today is the expiry day for the weekly series before we go for the monthly expiry next week. The action immediately shifted to options and the put-call ratio jumped to 1.82 from 1.61 mark. Tuesday saw a huge turnover of 10.5 lakh crore and today it will easily cross 20 lakh crore again. 11750 put added 10.9 lakh positions while 11800 put added 8.2 lakh positions and 11700 put added 6.3 lakh positions. 11600 put has the highest open interest of 16.7 lakh and 11700 put has 15.1 lakh. So, 11700 is establishing itself as the base for an up move that happens today. On the call side, 11900 call added 4.5 lakh positions and 11850 call added 3.2 lakh positions. 11900 call now has the highest open interest while 11800 call has a second highest open interest. So, the expiry markers today might lie between 11750 and 11850 with an outside chance of Nifty going to 11700 and 11900.
What is the Nifty call for the day?
Elections hold the key today and the states where BJP is strong like UP, Maharashtra and Chattisgarh will be keenly watched to see if BJP can hold those seats. Potential states like Tamil Nadu, Odisha and West Bengal also will be keen to see if BJP can improve substantially. States like Bihar and Karnataka will be watched to see how alliances work or don’t work. With expiry also adding to it, we will see a lot of volatility. We are likely to open in a flat zone around 11790-11820 zone and as said before Nifty can go to 11850-11900 zone or fall to 11700-11750 zone. But 11760 will be a support and for fall to happen this level has to break. Anything can go wrong, but I believe that the market will go up. So, I would suggest taking a long position in May futures around 11800-11820 mark with 11860-11900 as the target. Exit as soon as the targets are achieved and hold it till the targets are reached.

Market Trade Setup 16th April #Nifty

Yesterday I was talking about Nifty closing above 11700 to give an indication that 11760 will be broken and we will go up. But the usual resistance zone of 11680-11700 was difficult to cross and it closed within the range. Better than close at the resistance than to fall and test the support. In that way, its a very positive move from Nifty, but I think we still have to wait for another day to see whether the resistance will be broken or not. Last night Dow closed in a flat to negative territory losing around 30 points and today morning Asian markets also flat with Hong Kong and Japan up within the 20 to 50 point range. Good news is Brent crude fell below 71 dollar mark trading at 70.7 dollars and the Rupee is at 69.42 to the dollar.
On the domestic front, the news of near normal monsoon came at 3.15PM yesterday and markets were least bothered. Actually, IMD needs to do some hard work and needs to come up with accurate forecasts. Last 4 years IMD got it wrong and this year IMD says that there is a 39% probability of normal monsoon while there is a 32% probability of below normal monsoon and 17% probability of drought. When you don’t have even a 40% chance of normal monsoon how can you say that it’s going to be normal and how do you think the market will believe it? This IMD forecast was thrown into junk and the market showed no reaction. The other news is good to trade data coming for March. The Trade deficit narrowed to 10.89 billion in March 2019 compared to 13.51 billion in March 2018. The best news is an 11% rise in exports to 32.5 billion while imports have gone up by only 1.44% to 43.44 billion.
On the derivative front, the only significant point we need to look at in the Futures market is the drop in the Nifty premium from 60 points to 37 points and that is almost 40% fall in premium and that was due to unwinding of long positions as Nifty touched 11700 mark and that brought the overall long positions in the futures market to 62%. In the options market however there was more demand for puts as 4 puts were sold for every call sold and 2 calls were bought for every put bought. That took the Nifty put-call ratio to 1.61 from 1.55 mark. 11650 put added maximum positions of 6.2 lakh while 11700 put added 5.5 lakh positions. 11600 put followed by 11500 puts has the highest open interest for this week’s expiry. On the call side, 4.2 lakh positions added at 11800 call and 2.7 lakh positions got added at 11700 call and 11700 call still has highest open interest but 11800 is close behind. Any up move today will add huge positions to 11800 call making it the new resistance point.
What is the Nifty call for the day?
Today Asia is flat but we are likely to open a bit positive. Point to be noted is, even though the cues were negative yesterday domestically, we did not see Nifty slipping below 11620-11650 mark and closed very close to 11700 mark. That means the election factor and BJP victory is still keeping the markets higher, fighting any negative cues. Today we have the trade data which came positive and that means we will open slightly positive between 11710-11740 zone and that brings us very close to 11761 which is the all-time high. Are we going to hit another all-time high before triggering a selloff or are we going to close above 11760?
Don’t look at losing these 60-70 point chance of making profits but watch carefully and hope that Nifty closes above 11760. Today is also the last day of campaigning for the 2nd phase polling and close above 11750 means market is still sticking to its election fundamental. So, no trade day today, just observe. Tomorrow is a holiday, we can come back on Thursday and look at how things shape.

Market Trade Setup 12th April #NIFTY

It was a polling day yesterday for 91 seats across India and it went off well. The voting percentages matched up to the game-changing election of 2014 and conventionally higher voting turnout helps the ruling party and thus BJP will heave a sigh of relief. High voting was observed in Western Uttar Pradesh where BJP holds all the 8 seats that went to polls. Maharashtra also had the poll percentages dropping to 56% compared and all the 7 seats that went to polls in Vidharba are held by BJP. Elsewhere the two seats in West Bengal saw 80 plus percentage polling but polling was less in 5 seats in Uttarakhand where BJP again holding all these 5. Voting was also low in Assam and other northeastern states and in Assam BJP holds 4 out of the 5 seats that went to polls.

So, if we make senses of all these vote percentages and how they translate into seats then the picture we get is mixed. UP matched in its vote share so BJP would have got the vote that it got, but unlike last time this time SP-BSP-RLD are fighting together in these 8 seats and a combined influence will be felt in 2-3 seats and BJP would be looking at these seats with worry. Worries for BJP will come from Assam, Maharashtra and Uttarakhand where the polling was less. Assam has a sizable Muslim population and a drop in voting means BJP voters have not turned up and voted as they did in 2014. Markets will need some time to digest all this and where that leaves Nifty needs to be seen.  In all this CPI, IIP data will be released today after the market hours and so will be the Q4 results of TCS and Infosys coming after markets close.
Coming to derivatives, yesterday was the weekly expiry and we have witnessed one of the flattest expiries in the recent memory. The turnover was also less than 20 lakh crore, something which we have not seen in the last two expiries. The options market buzzed with demand for puts and the Nifty put-call ratio went to 1.47 from 1.33 seen at the beginning of the day. Today is the start of expiry week of 18th April and we again have a 4 day weekly series. 11660,11500 and 11400 puts all added equal open interest and for now 11600 put has the highest open interest but it could change today. Point is 11500 and 11400 are also opening up which means Nifty can go to 11390 levels. On the call side, 12000 call added maximum open interest yesterday but 11700 call continues to have a highest open interest which means 11740 will be a big resistance.
What is the Nifty call for the day?
A mixed Asia and some doubts about which way polling went would mean we open bit gap down around 11550-11580 zone and this is a strong support zone. If 11550 is broken then immediately we can go to 11480-11500 levels and that could trigger a lot of shorting. If Nifty takes support at 11550 and crosses 11600 mark then all is well and we can move forward. Just 1 out of 7 phases is over and we still have 6 phases and nearly 450 seats yet to go for polls. Many things can change during this time and the market knows that. So, I would suggest that if Nifty holds 11550 levels then we can go for a long position with 11620-11640 as the possible targets and those positions can be carried to next week also. But just in case Nifty drops to 11500 and goes below that then wait and watch. Don’t rush.

Market Trade Setup 11th April #Nifty

Finally, the Election Mahotsav arrives. The 7 phase polling that we would see for the next 38 days is going to be breath taking with strategies and counter strategies by the ruling party and the opposition. All in all, we are going to see the most crucial election in the recent time, crucial than the one which happened in 2014, which incidentally was my first election and the first time I cast my vote. The global markets are not looking that positive as Dow closed flat last night and all Asian markets are in red especially the Hong Kong which is down 200 points and Japan down 150 points. Brent Crude is still above 71 dollars and that continues to be a big worry.

Coming to domestics, market movement today will completely depend on how the first phase goes today. Farm distress, jobs and national security are the major issues that we are facing in this election and the first phase today is mostly concentrated in South India. 44 out of 91 seats, which is roughly half of the seats going to polls are from South India, especially AP and Telangana. 60 out of the 91 seats are the rural seats and what rural south India thinks about Govt is important. As such BJP has very less stake in the south and out of these 44 seats in South BJP holds just 4 of them. But things are different in other 47 seats of North, Northeast and Western India. There out of 47 seats BJP holds 34 seats so it is extremely crucial that BJP should try to hold many of them. The big challenge is the 8 seats in UP where BJP holds all 8 of them. All these are from western UP and with SP-BSP-RLD combine, BJP is facing a united opposition.

On the derivatives front, as Nifty fell close to 90 points yesterday, on the slew of bad news for BJP starting with the Supreme court verdict, there was selling that happened in the Nifty futures market. The Nifty long positions which fell to 67% have now fallen to 63% at the end of the day. In the options market, however, the demand for the call continued and the Nifty put-call ratio fell to 1.33 from 1.42 mark seen at the beginning of the day. Today is the Nifty weekly expiry and if we look at the open interest positions, 11500 put has the highest open interest, compared to 11600 put yesterday and 11700 call has the highest open interest. Right now Nifty is at 11584 which is almost the mid point.

What is the Nifty call for the day?

A red Asia means we will also open in the flat zone around 11580-11600 mark and as the options positions indicate today could be a day of volatility where market can test 11500 mark and even might go to 11680 mark. Much of it depends on how the elections of the first phase go, especially in Uttar pradesh and Maharashtra. Yesterday, you would not have taken positions, considering the fall and the volatility that Nifty has shown. If you have not taken a position, its good and do not go for any fresh position now. But if you have ended up taking a position then all that you need to do is to hope that you get a sharp up move above 11650 mark so that you can exit that position. Today is election as well as expiry so its time to wait and watch. 

Market Trade Setup 9th April #Nifty

BJP manifesto took the market down, down to 11550 zones and later recovered to cross 11600 mark and close above that. I was talking about Nifty going to 11580 levels yesterday if the manifesto is not liked by the market and it has happened. If a 11800 close yesterday would have catapult Nifty to 13000 by June, it has now taken away that possibility and we could now see a nervous move ahead and it might want another good news coming from anywhere before it starts to resume the journey again. Globally things were not so great and Dow closed 90 points lower on the forecast that Q1 results for the US are not likely to be in the expected range. Asia is flat to negative with both Japan and Hong Kong down 50 points each and only Singapore and Taiwan are in a mild positive zone.

Coming to domestics yesterday was a clash between BJP manifesto vs Congress’ NYAY. Where Congress focused on the bottom 5% of poor with 72,000 per annum cash transfer, BJP focused on populist schemes aimed at farmers. A slew of measures like a loan at zero interest, farm pensions and cash transfers are going to put pressure on the fiscal health and was not liked by the market that much. Added to this is the pressure coming from Brent crude with crossed 71 dollars now and trading at 71.1 dollars. Rupee also lost 45 paise yesterday and now has reached 69.67 per dollar and all the good work was done to bring it to 68.3 lost out in just 2-3 sessions. Nifty has 20 dma at 11470 mark and that is going to be strong support even if there is some fall happening today. So, we need to look at 20 dma carefully.

On the derivatives front, there was a different reaction in the futures and options market. While there was selling in the day but buying resumed by afternoon in the futures market, the options market has shown one-way traffic and that is the demand for the calls. That has brought down the Nifty put-call ratio from 1.61 to 1.50 and there was the closing of positions seen on many strikes on the put side. 11600 put has the highest open interest at 12.6 lakh while 11500 put also has 12.2 lakh open interest. This is very close so if 11560 doesn’t hold today then we can see Nifty going to 20 dma of 11470 mark. On the call side, 11700 call added 10.7 lakh positions yesterday and it has the highest open interest now at 21.6 lakh. so 11720 is a strong resistance for this week’s expiry. So, unless there is fundamental news, till Thursday expect Nifty to be in 11560-11720 range with a danger of Nifty slipping to 11470 on ant bad news.

What is the Nifty call for the day?
A flat Asia means we will also open in the flat zone between 11600-11620 mark and 11560 continues to be very strong support. Good news might take Nifty to 11680-11710 zones and if that happens, exit positions and book mild profits. Your positions are stuck for almost 3 days now and you need an exit route and let’s hope that this exit route comes today. If things turn to worse and Nifty corrects to 11500 mark, patiently, as things are looking more likely on the upside than on downside in the next 1-2 weeks. No fresh positions to be taken today. 

Market Trade Setup 8th April #Nifty

The crucial period of election finally begins. There was a pre-election rally for 4-5 weeks starting from the beginning of March on the news of possible victory for BJP. Now we have actually entered the 6 weeks of election period where at the end of every phase market will get some cues on the way things are going. Pre-election rally brought Nifty from 10800 to 11700 mark, which is a 900 point gain and will this 6 weeks add another 900 points to take it to the targeted 12500 mark needs to be seen. On the global front, things were flat on Friday with Dow Jones closing almost flat gaining 40 points. The good news coming in was the US jobs data which came better than expected figures and the impact will be shown today. Asia is green except Japan and Singapore which are in the mild red. Hong Kong is the best performing market with 150 point gain.

On the domestic front, the real election period starts this week with first phase polling happening on 11th April. But the more important news is the BJP manifesto which releases at 11 AM today and market will be carefully looking at it to see what would be BJP’s response to Congress promise of 72,000. If BJP doesn’t do anything that spoils the fiscal health but gives something to everyone, then we can see a big rally happening. In other news, this week also kick starts the crucial Q4 and annual results of companies and today is the starting day with Delta Corp coming with its Q4 numbers. The net sales are likely to be above 200 Cr and a PAT of 50 Cr plus. The bad news is from Brent Crude which crossed 70 dollars and now trading at 70.7 dollars. This could start putting pressure on India now.

On the derivatives front, this series is seeing an unusually high premium and this is bound to happen as weekly options were introduced which led to a spike in volumes and cost of holding also has gone up. Friday the Nifty futures premium surged to 90 points from 76 points as there was buying happening with the upward movement of Nifty. The overall long positions have now reached 71% and we are approaching a danger zone where there are fewer shorts and that could trigger a big fall on a slight correction as there are no shorts to be covered. On the options front, The Nifty put call ratio went up to 1.61 from 1.52. 11600 put added 14 lakh positions on Friday and now it has the highest open interest for this week’s expiry followed by 11500 put. On the call side, 11700 call added 3.5 lakh positions and it also has the highest open interest on call side followed by 12000 call. So, for this week’s expiry 11570-11760 are the markers on upside and downside. 

What is the Nifty call for the day?

A mixed Asia means we are also likely to open flat between 11650-11680 zone and till the manifesto comes out Nifty might not cross the 11680-11700 zone and market has kept 11700 and 12000 as the number one and number two in open interests. So, if there is positivity and this fundamental news of BJP manifesto breaks the 11760 barrier then we could start moving towards 11800 and above. But if that doesn’t happen then we might correct to 11600 zone and might find some support there. You already have a position taken around 11600-11630-11680 zone and wait for it to go to 11750 mark to exit the position. For today I suggest no trade and only wait for the position to reach a profitable position before going for new positions.