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Nifty Trading Ideas

Nifty in all probability will loose it’s steam, Economic outlook predicts -10.3% GDP for FY2020 & 8.8% GDP for FY2021! #Nifty

Yesterday we had a fall and recovery and yesterday we were looking as if 12000 would be attempted one more time. Nothing much has changed except that the range that I talked about got shifted 50 points upwards. If you have shorted the Nifty in the morning, you would have made tour money.

The close yesterday was almost at the same place where we closed on Monday and as of now it looks like 12000 is the resistance that Nifty will not be able to climb that easily. Globally things are not looking that positive as Dow Jones fell more than 250 points and that has given a weak handover to Asia and if you look at Asian markets, most of them are trading in mild red with Hong Kong and Japan both down between 20-40 points. SGX Nifty as a result is trading 40 points down as I write this.

Domestic Cues

On the domestic front, Q2 results of Wipro were good with margins comes above estimates and revenue guidance of 1.5 to 3.5%. The company also offered a buyback and after TCS, Wipro coming up with good numbers is going to be positive for the IT sector. Now we are all set for Infosys results today and a positive Infosys number will due to much more positivity in Nifty.

HDFC which will come up with its Q2 numbers over the weekend will give us a hint of how the banking sector is likely to do. Added to this there is a hope of another stimulus package awaited from the Govt, and that also will add to the sentiment. For now, 11800 is strong support for any movement downwards and 12000 is the resistance and unless there is a change in fundamentals 12000 is difficult to break on the upside.

Derivatives Action

On the derivatives front, Yesterday we saw a neutral action on both Futures and Options and though there was some selling seen in Futures in the initial part of the day, the buying offset the selling after 1 PM. Options also saw a similar action and the Nifty put call ratio remained stagnant at 1.40.

For tomorrow’s expiry 12250 call added 8.2 lakh positions while 11950 call added 5 lakh positions and 12200 call added 4.7 lakh positions. 12000 call has the highest OI on the call side followed by 12200 call. On the put side, 11900 put added 5.2 lakh positions while 11800 put added 4.4 lakh positions and 11600 put added 3 lakh positions and 11800 put has the highest OI on the put side making 11800-12000 as the range for tomorrow’s expiry unless something drastic happens.

What is the Nifty call for the day?

In line with other Asian markets, we are going to open a bit down around the 11900-11920 mark and 11880 should come as support. Just see if Nifty can hold this. If it does then 11950-11980 on the upside is possible.

Like yesterday, today also a short trade should be taken for 40-60 points profits either above the 11900 mark or at 11880 mark with 11800-11820 as the target. You can look at targets anywhere between 11800-11900 depending on where you take a short position.

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Nifty Trading Ideas

Nifty hits 12,000 levels and cooled down, economic data shows good IIP and a worrying Inflation! #Nifty

Missed posting an update yesterday and 12,000 which I was talking for some time was hit intraday and from there the selling started. Looking at the market one wonders if 12,000 was waiting to happen and subsequently there will be a correction. All the ingredients for the correction are appearing one by one and they are on the bearish side, whether its inflation number for September or the IIP for the month of August.

Globally things look better, Trump is fit and healthy for resuming the campaign and he is all set to resume his campaign today. But the 15th October Presidential debate has been cancelled. Dow gained 250 points last night but Asian markets are in a mixed zone today. There is a Typhoon approaching Hong Kong and the market is shut there and Japan is mildly negative down 40 points and SGX Nifty is down 40 points as I write this.

Domestic News

On the domestic front, there is a big worry and that is the September inflation which comes at 7.34% which is much higher than 6.6% seen in August and this is mainly due to higher food inflation which came in at 10.7% vs 9% seen in August. Meat, Fish and Eggs have inflation of around 17% while vegetable inflation is still at 20%. Services sector or core inflation is at 5.7% which is a slightly comforting factor.

Another news that came in is the IIP August which is at -8% vs -10.4% in July and with other data indicating that September is going to be good, this number will not matter much. So, today we have to deal with bad inflation numbers and not a positive global cue. Since 12,000 is achieved don’t be surprised if there is a correction which might take us to the first support zone of 11800, today or sometime this week if things don’t improve.

Derivatives Action

On the derivatives front, there was bearishness seen in the Futures market with selling happening from FIIs and the overall long positions which were at 72% got corrected to 69%. On the options front, the Put call ratio corrected to 1.40 from 1.60 as the demand for calls superseded that of puts. 12000 call added 12.1 lakh positions followed by 12200 call that added 8.6 lakh positions and 12100 and 12300 call added 8.5 lakh positions.

12500 call still has the highest OI but 12000 call is picking up OI. On the put side, 12000 put added 3 lakh positions while the other strikes saw unwinding and 11500 put added 2.9 lakh positions and 11600 put added 2.2 lakh positions. 11500 put still has the highest OI and OI is building up at 11600 and 11800 levels and the range now could be 11800-12000 mark which can shift to 11600-12200 if things turn volatile.

What is the Nifty call for the day?

We are likely to open around the 11910-11940 mark, in-line with the other Asian markets and 11880-11910 support is very important for the Nifty. If it is broken then we can look at Nifty breaking to 11820-11850 levels.

The trade for today is on the short side. I suggest you to take a short position during the first hour around the 11880-11900 mark with 11820-11850 as the target. For today, I don’t see a market favouring any long positions.

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Nifty Trading Ideas

TCS, outstanding earnings to push Nifty Higher. Trump in news as he opens talks for stimulus package! #Nifty

The big discussion for today is undoubtedly TCS. One statement by TCS management “We are at the cusp of a multi-year technology transformation cycle” says many things. TCS came up with fantastic Q2 numbers where it was a beat on every possible estimate. Consolidated revenue was up 7.2% on dollar terms and there is a share buyback approval worth 16,000 Cr. PBT was 5.6% higher, Net income rose by 4.9% and operating margin is up by 26%. These numbers are mind-boggling and there is no other way than the up way for TCS.

The positive sentiment of TCS with the help from other IT stocks and Reliance could take Nifty to 12000 mark very very soon. Bandhan bank also reported very positive earnings with deposits up 34% and the net interest income and operating profit all showed positive growth and now we have a perfect start to Q2 results season.

Domestic and Global News

Coming to global factors, there was a recovery seen in the US markets yesterday driven by a Trump tweet again where he indicated a possibility of opening up negotiations again for the stimulus package. We also have the Fed meeting minutes which indicated that any delay in the stimulus package could affect the rate at which the US economy is growing.
All this has put some positive trigger and Dow went up more than 500 points and the positive trigger is spread to Asia and the Asian markets are trading in bright green except Hong Kong which is down nearly 200 points while Japan is up 200 points. There has been a fall in the overnight crude prices and Brent is now at 42 dollars. Another important thing to watch out for is the VP debate between Mike Pence and Kamala Harris just before the 2nd Presidential debate between Trump and Biden on 15th October.

Derivatives Action

On the derivatives front, today is the Nifty weekly options expiry day and the cues we got from the market were very positive yesterday. There was buying seen in Futures and that took the overall long positions to 66% from 64% and in the options market which is important for us today there was an equal amount of bullish and bearish cues and Nifty put-call ratio was at 1.58 vs 1.57 at the beginning of the day.
There was an unwinding of 10 lakh positions at 11600 call but 11850 call added 9.9 lakh positions and 11900 call added 8.1 lakh positions. 11800 call has the highest OI on the call side followed by 12000 call so a break in 11800 might take us all the way to 12000. On the put side 11700 put added 21.3 lakh positions and 11650 put added 8.7 lakh positions and 11500 and 11600 puts have the highest OI indicating 11600-11800 range for expiry today.

What is the Nifty call for the day?

There is a possibility of us opening around the 11800 mark which is also a resistance point if you go by the options data. So, there is a chance to short the Nifty here and you can do that with 11750 as the target. This only if you confirm that for the first 30 minutes Nifty is not breaking the 11800-11820 mark.

If that happens then you should not short this market. The other possibility then is to go a long with 40-60 point target that can be achieved today or tomorrow. You can think of carrying forward your long positions if the target is not met today.
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Nifty Trading Ideas

Nifty back above 11,250. SC postpones Interest rate decision, Trump vs Biden – 1st Round today! #Nifty

Another positive day yesterday has taken the Nifty past 11200 mark. So in the last 2 trading sessions of October, Nifty gained more than 400 points and the easy way of making money has come to an end. From here on the upward movement of Nifty will be challenged by a series of resistances starting from the 11300 mark and we have to see how much more Nifty will rally before going for another correction.

Globally things are looking bright with a package of 2.2 trillion dollars announced by Democrats just before polls. Liquidity always drives the markets and there is plenty of liquidity that’s waiting to come in now. That pushed Dow up and it closed 400 points up yesterday. The dollar index also came down below 94.5 mark and trading at 94.2 mark and Asia is flat today with both Hong Kong and Japan in mild red losing 50 and 70 points respectively.

Domestic Cues

Coming to domestics, the big SC judgement on interest on interest charged by banks stands postponed and SC will hear the case on 5th now and asked Govt to submit an affidavit by 1st October. So, as of now, it’s not going to play any role in Nifty movement. What will be seen today is the FII selling which has come to a halt due to the upcoming package and tomorrow early more India time, the First Presidential debate between Trump and Biden will happen at Ohio.

So, its global factors that will drive the markets today. Technically, Nifty will hit two major resistances, the 50dma at 11300 mark and 20dma at 11354 mark. From 10800 it was a smooth journey and from now on, Nifty’s up move can continue only if Nifty crosses this 11300-11350 congestion zone. All that we have to see is whether we will cross this today or will we get stuck in 11000-11300 zone, time will tell.

Derivatives Action

On the derivatives front, Yesterday was a bullish day on Futures as Nifty gained 180 points in the spot market. A lot of long positions were built in Nifty Futures and it took the Nifty overall long positions to 58% from 55% and even in the options market also, the Nifty put call ratio jumped to 1.37 from 1.30 mark seen at the beginning of the day.

For 1st October expiry, 11100 put added 16.1 lakh positions, 11200 put added 14.1 lakh positions and 11000 put added 10.1 lakh positions and 11000 put has the highest OI on put side making it a firm base. 11200 is also gaining OI and might come as support if Nifty stays above that. On the call side, 11500 call added 13.2 lakh positions and 11300 call added 6.6 lakh positions and 11500 call has the highest OI on call side indicating 11000-11500 as the range for expiry which can narrow down to 11200-11300.

What is the Nifty call for the day?

A very flat opening between 11220-11250 is expected today and we have the major resistances kicking in from 11300 going up to 11350. So, the range for today will be much narrower than what we saw on Friday and Monday. So, the trade for the day is simple. At the open or whenever Nifty comes to 11250 and holds that level then take a long position with 11300-11320 as the target.

Even if the Nifty is in 11220-11250 level a long position can be taken. Tomorrow is the Presidential debate and it will happen before markets open. So, it is better to approach it with a clean slate. So, exit any positions intraday itself and don’t risk carrying them forward.

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Nifty Trading Ideas

Markets turn bullish on Friday. Cases reach 6 million in India, SC to decide on interest case today! #Nifty

The first Monday of the eventful 5 weeks October series starts today and this is a 4 day week with Friday being a trading holiday. We have seen a big rebound on Friday and as expected the first day of the series didn’t disappoint as Nifty effortlessly crossed the 11000 mark to close at 11050 giving a big hope for Nifty to protect the 11000 mark and inch towards the 11500 mark from where it has corrected. The trigger for this is the 2.4 trillion dollars fresh liquidity that US is expected to pump just ahead of the elections.

Will this push the global sentiment also and reverse the trend needs to be seen. As of now, Asian markets are trading in the green, despite dollar index being higher than 94.5 mark and this shows the strength of the rally. Both Hong Kong and Japan are trading around 200 points higher and SGX Nifty is 70 points higher as I write this.

Domestic Cues

Coming to domestics, the big news today is the Supreme Court judgement on interest on interest case and Bank Nifty to a large extent and Nifty to an extent will get affected by it. This is going to be a sentiment defining judgement. So far, SC held that interest on interest looks like penalty and if that continues then judgement will be against banks.

There is a thought process in the financial world that if we dont allow this interest on interest then borrowers will take advantage of every loan waiver relief given by Govt and that means the borrowers which are the banks, will bleed further. Technically, Nifty has protected the 200dma of 10760 and its 300 points away from it. The next target is the 50dma which is now at 11300 and the 20dma of 11350. But there is a 11180-11250 resistance zone that it has to negotiate before reaching 11300-11350 mark.

Derivatives Action

On the derivatives front, Friday was a bullish day as Nifty futures which started with 44% long positions has quickly moved to 54% with a lot of buying happening on the first day. On the options front, the Nifty put call ratio jumped to 1.30 from 1.04 mark from where it started mainly on the selling of puts.

For the 1st October expiry, surprisingly 10000 put added 13.2 lakh positions followed by 10500 put that added 9.5 lakh positions and 10900 put added 9.4 lakh positions. 10000 put has the highest OI on put side followed by 10900 put indicating that if 10900 is not protected then there is a chance of Nifty correcting deep to 10000. On the call side, 11500 call added 12.3 lakh positions while 11400 and 11300 calls added 5.3 lakh positions respectively. 11500 call has the highest OI followed by 11200 call indicating 10900-11200 as the range for the expiry.

What is the Nifty call for the day?

Globally, the expectation of 2.4 trillion dollar package early this week will keep the markets up, unless the news gets reversed. Asian markets are trading in the green and in line with Asia we are also likely to open a gap up around the 11100-11130 range and 11180-11220 is the resistance zone on the upside.

The trade for the day is, if Nifty stabilizes around 11080-11120 mark then you can take a long position with 11180-11220 as the target. Even if Nifty stabilizes at 11050 zone also you can go for a long position. The chances of Nifty going into red is less and if that happens then I would suggest you to wait till it comes into green and then takes a position.

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Nifty Trading Ideas

Nifty on a freefall. Factors may lead Nifty to 10,800. Govt eyeing full reopening of economy! #Nifty

Finally, the expiry day is here and this expiry is the worst in the last 6 months. The last time we saw this kind of fall was in March where we were on collapse but from April onward we started to go up. September is going to be bear series and bears will overtake bulls by 5-4 margin after this series. We started off this series around 11600 mark with a promise of going towards 12000 mark but what we ended up was going to 11000 mark by the time we close the series.

Nifty is down nearly 5% and overall September is a disappointing month if were trading this week. Globally also things are not looking as good as they were supposed to be. Dow lost 500 plus points yesterday and it trading close to 200dma now. This put pressure on the Asian markets also and we have Japan down 150 points and Hong Kong is down 300 points and SGX is showing a cut of 100 points as I write this.

Domestic Cues

On the domestic front, the major reason why September was a negative series is mainly global. India has opened up in September and the economic activity also has picked up but our market is still dependent on global factors. Yesterday itself FIIs sold nearly 4000 cr and that has broken the back. In this week itself, FIIs sold 7000 Cr which brought Nifty from 11500 to 11000 mark.

Technically we have broken some important levels this week and Nifty is well below its 50dma of 11270 and its fast-moving towards the 200dma of 10800. Point is if Dow breaks 200dma in next 2 days, will we not break it also? We have been following the global trends right from February when COVID broke out and there is no guarantee that India will behave differently now. So, maybe by early next week, we will see a 10800 on Nifty and we need to see where we go from here.

Derivatives Action

On the derivatives front, yesterday was a completely bearish day with Nifty futures dropping a lot of long positions and bringing the overall Nifty long positions from 55% to 50%. Today is the expiry day so we need to see how many positions will be rolled over and where the October series will start.

On the options front, however, the Nifty put call ratio remained stagnant at 1.03 vs 1.04 at the beginning of the day and now in both futures and options we have almost equally long and short positions. 11200 call added 17.2 lakh positions while 11250 and 11100 call added 14.1 lakh and 11.2 lakh positions. Now 11300 and 11200 calls have the highest OI making 11200 a big resistance. On put side 11000 put added 7.8 lakh positions and 10950 put added 7.3 lakh positions and 11000 put has the highest OI making it big support and range for today’s expiry is 11000-11200.

What is the Nifty call for the day?

Today is the monthly expiry of the September series and expect a lot of volatility. Options data suggest an 11000-11200 band and Nifty should trade within that band with a downside risk of 50 points intraday, which means Nifty can go as low as 10950 today and as high as 11220. The opening today will be around the 11050 mark which is almost at the bottom end of the range and there is nothing much you can do today.

Short positions are not going to work as we are near the support and long positions might not last as every rally is being sold from already existing positions. So, the best way for today is to stay out and see where exactly the September series ends. Depending on whether 11000 will be protected or not, we have to look at our strategy for the next month.

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Nifty Trading Ideas

Fall took Nifty to 11,150. Reliance bags a new investment and Tatas part ways with Shapoorji! #Nifty

Yesterday we saw another fall and we tested the 11100 mark and revisited the 11111 on Nifty which was a fancy number 2 years ago. This number has come back twice in 2020 when we fell from 12430 and again on the way up from 7560 mark. Now we are around the 11150 mark and now 11000 will be tested and we have to see whether this level holds or not. This might happen today, this week or next week but 11000 mark will be revisited again.

But globally things have changed overnight as the Dow Jones snaps a week of red closing to close more than 100 points gain and Dow is back to 27000 mark again. But the dollar index has crossed 94 mark now and that has kept the Asian markets in red with Japan down 140 points and Hong Kong down 70 points. As a result SGX Nifty is also trading flat despite the good news coming from Reliance.

Domestic News

Coming to domestics, the big positive today is going to be the Reliance Retail story. KKR and American investing firm, after announcing an investment of 11,360 Crore in Jio platforms in May has now announced a fresh investment of 5,500 Crore in Reliance retain which accounts to 1.28% of the overall stake. This news will definitely push Reliance and being the biggest player in Nifty, Reliance move will definitely push Nifty upward.

So, today will be an interesting day to watch out. The other news which might affect Tata group of stocks is Shapoorji Pallonji which was Tata’s partner for decades has finally decided to part ways with Tata and this will have some negative impact on the stock. So, we need to see if Nifty goes to 11000 mark today or pushes itself up to cross the 50dma mark of 11270.

Derivatives Action

On the derivatives front, tomorrow is the expiry for September series and most of the futures positions will be rolled over to October series and in that ways September becomes irrelevant. On the options market, however, the calls and puts were almost equal in number and the Nifty ut call ratio is at 1.04 vs 1.07 at the beginning of the day. Also, we need to watch for Reliance Futures and Options, as this stock along with HDFC has the tendency to move a lot on the day before expiry.

Coming back to Nifty options chain 11200 call added 19.2 lakh positions while 11300 call added 16.9 lakh positions and 11300 call has highest OI after 11500 offering a resistance there. On the put side 11300 put shed 12.7 lakh positions while 11100 put and 11000 put added 6.1 lakh and 5.1 lakh positions respectively and 11000 put has highest OI making 11000-11300 as the range for expiry,

What is the Nifty call for the day?

The big news of KKR investments into Reliance Retail has changed the picture a bit and Reliance will gain today and this might keep Nifty steady and protect it from falling drastically. We might open around 11140-11170 mark and 11220-11250 is a resistance zone and maximum Nifty can go up is 11300. On the downside now 11080 is the first support followed by that 10980-11000 might act as a big support.

So, for today if Nifty holds to 11080 mark and stays above that then you can go long between 11080-11150 mark with 11220-11250 as the target. If Nifty breaks 11080 in the first hour of trade then you should not trade at all and wait for the day. As tomorrow is the expiry, I suggest you take these positions in October series and not in September series

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Nifty Trading Ideas

Nifty collapsed to 11,250 followed by global sell-off. But Nifty might open a bit positive today! #Nifty

It takes just one day to change the sentiment and that was yesterday. Catching that day is very critical and I am happy that I was able to catch it and if you have avoided a trade or if you would have traded in the morning and kept in mind my advise that markets can collapse from there, you would have been safe. Everybody will give reasons for the sell-off but all those are post-event justifications.
What you have to understand is, there was a big mismatch between economy and market performance and at some point, either economy has to match the market or market has to correct to match the economy and later is easier. Last night Dow fell more than 500 points and now it’s approaching the 200dma and breaking that will take it into a bearish zone. Asian markets are in red with Hong Kong down 200 points and Japan is shut today also. The dollar index is above 93.5 mark which is negative for emerging markets.

Domestic Cues

On the domestic front, its the selling in emerging markets is driving the markets and anything that is happening in India has a little relevance. One positive point today is that recoveries are 20,000 more than the fresh cases and for the first time ever in the World, the number of recoveries crossed 1 lakh mark in a single day. India now has more than 80% recoveries and looks like we have peaked last week.
Added to these economic indicators have turned positive in August and September and the recovery is on the way. Technically, we have emphatically broken the 20 and 50dma yesterday and now Nifty is in short term bearish zone. 11264 is the 50dma and we need to see if Nifty recovers that. 20dma of 11470 should act as a resistance for any upmove now. If Nifty is not able to get past 50dma then the next target is the 200dma of 10780.

Derivatives Action

On the derivatives front yesterday there was a mixed action in Futures and Options with Futures more balanced in action that options. There was both selling and buying happening in Futures keeping the percentage of long positions constant while in options market the scenario is completely bearish. The Nifty put call ratio corrected to 1.07 from 1.32 on the back of heavy call shorting.
11500 call added 20.9 lakh positions while 11400 call and 11300 call added 17.2 lakh and 16.2 lakh positions respectively. 11500 call now has the highest OI on the call side and it’s going to be a big resistance on the way up. On the put side, there was the shedding of OI everywhere and 11500 put lost 13 lakh positions and 11000 put now has the highest OI indicating 11000-11500 as the range for this week’s expiry.

What is the Nifty call for the day?

The entire Asia is red, but we have fallen so much in the last 1 hour yesterday that we have pre-empted a lot of falls. So, we are going to open around 11260-11300 range and the most critical mark to watch out for is 11300. The trade for today exists only if Nifty stays above 11300 mark for the first 1 hour of the trade.
If Nifty stays above then you can take a long position with 40-60 point target and the maximum Nifty can go is 11350-11380. If Nifty doesn’t hold 11300 and stays below then I would advise you to stay out today also. 11180-11200 might be the support that Nifty should hold on to today. If Nifty closes below 11180 mark then be prepared to welcome 10800 mark very soon. 
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Nifty Trading Ideas

Farmer’s Bill gets passed by both the houses, Nifty in a bearish mode. Global markets open with losses! #Nifty

Its been 6 months or 26 weeks now since India was shut due to COVID and still we are not out of the woods yet. Unlocking is happening but most of the entertainment and educational avenues like parks, movie halls, international flights, schools and colleges are still shut even after 6 months. If you are an economist you can measure the impact of this when for half of a year a substantial income generator is hit.

Looking at where Nifty is today, it won’t be reflected in a true sense, but somewhere there has to be a correlation between economy and market and has the moment arrived? Diwali is a very important time and we are exactly 8 weeks away from Diwali and we would get an answer in these 8 weeks. On Friday Dow fell 250 points and today Asia is in mixed zone with Hong Kong down 200 points and Japan has a holiday for “respect for the aged day”.

Domestic Cues

On the domestic front, the big news that we have is the passage of two farm bills that was described as the 1991 moment by many. Yesterday afternoon Rajya Sabha passed this bill and now it will go to President for consent. There was huge opposition to this including the farmer’s protests in Punjab, UP and Haryana. This bill essentially creates a window for Private players to invest in agri infrastructure as well as purchase the produce from farmers directly giving them better returns.

But the fear of the farmers is that this will take away MSP and Govt buying that is guaranteed and that might create a situation where private players might cheat farmers and buy at a lower price. Opposition parties are also creating the fear that MSP will also go now. But as of now, the market will take it positively and technically the 20dma placed at 11456 might offer support.

Derivatives Action

On the derivative front, we had a bullish outlook yesterday in the Futures market and a lot of short positions were covered and long positions were opened. This has brought the overall long positions in Nifty futures from 47% on Friday morning to 55% when we closed the trade. But in the options market things were more or less constant with both bulls and bears having their say and Nifty PCR was at 1.36 vs 1.33 at the beginning of the day.

For the 24th expiry, we have 9.7 lakh positions building up for 12000 call and one more time it has emerged as the strike with the highest OI followed by 11600 call. On the put side 11250 put added 4.3 lakh positions while 11200 put adds 4 lakh positions and 11550 put added 3 lakh positions and 11500 and 11000 puts have the highest OI on the put indicating an 11000-12000 range for this week’s expiry.

What is the Nifty call for the day?

A weak Asian market might prompt us to open gap down around 11450-11480 mark and protecting that is very crucial. If we open above 11500 then in the first 15 minutes Nifty should not slip below 11450 mark. Today the 11450-11550 range which was there on Friday also will be the range for the trade.

So, if 11450-11480 is protected then we can go for a long position with 11550 as the target. But in case Nifty slips below 11450 then we are inviting uncertainty as the next support level is at 11200 mark and we don’t know when it will be hit. So, it is better to stay away from trade if Nifty slips below 11450 mark. Today’s close is important, if 20dma is not protected today then we are in for a downside for the rest of the week till the expiry.