Unfortunately markets tumbled swiftly below 7600 which was my last resort for support in near term. Now its recommended for safe traders to avoid any kind of trade on Index for this week while only BAHUBALI’s who has capacity to take loss can trade in such markets. One thing good about the last 100 points fall was that BankNifty and Nifty, which were having divegence, are now in line with one another. As i have attached weekly charts, you could notice in the rectangular that on first day of the week we have breached support of 100 Week average which markets were taking since a long time. BUT ofcourse we need closing below the same for the confimation which is 7680. So this Friday’s close is important. Secondly Circled, support is 7130-7200 and which is expected to come but not immediately. As indicators are in highly oversold zone a pull back is due but need some momentum from domestic data front. So overall as of now i RECOMMEND TO AVOID TRADING IN INDEX UNLESS WEEKLY CLOSE CONFIRMATION as it better late than Never.

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