After a steady opening, Nifty Future made a high of 5987 and there after remained weak and in the last hour collapsed on the back of one more scam - the extent of which is still not known. Point to note is that, Nifty Future did not go below yesterday's low (may be for want of time)
Important thing for tomorrow is whether we go below the Trend Line on the EOD chart or in other words below 5800. The way the scam news is played by the media channels there could be a lower opening, in that case Nifty Future will go below the trend line to seek support at 5750 level, Tomorrow also happens to be FNO settlement day and the Scam news will only go to make the market more volatile. In these circumstances taking intra day trades may need some extra courage and lot of luck on your side.
Short position may be taken only below 5800, with stop loss of 5840. On the down side, it will find support at 5750 or max 5725 if this news makes the market very bearish. Please keep your TV sets mute so that you do not get very bearish when the markets are hitting the bottom. If you notice the EOD Chart, the fall from 6349 is perpendicular and 5725-5750 has the potential to provide good support - at least for a decent bounce.
Long position may be taken at 5725-5750 levels in Dec series, with strict stop loss of 5700. On higher side it will find resistance at 5940 and 6000.
