1. Jan .Series had probably the biggest correction of a series in recent times,apprx. 8%. The trending series always tends to give maximum pain to the majority. It was the 'Buy on dips' people who got slaughtered.
2. New series will have new probabilities . Nifty Feb futures premium increased to 25 points in today's trading. Options data suggest a range of 5500-5800 for the series as of now.
3. Most Important aspect is that it closed below 200dma (at 5620), 200dma is the line of control between bears and bulls.It will remain the critical level so keep a watch on it.
4. Big ticket FII selling rammed the markets ,they were net sellers of 1650 cr. apprx today.
5. Supports come near 5550 and 5525 levels and Resistances near 5620 and 5650 ,the breakdown level today.
6. Weekly and Daily Trends are firmly down so any bounce due to oversold Hourly should be traded with caution.
Follow the Trend .Trade light tomorrow