Nifty Future accelerates lower with very strong momentum to break its support of 200 days SMA at 11164 and its critical support at 11139. The VIX rose by 3.82% to 13.5625 but still at a low volatility level. The highest open interest is seen on August 29 11000 PUT indicating that 11000 levels may act as the temporary support, the eventual target of this fall is 10833 and 10767.
The Nifty Future is expected to open weak and the risk to reward ratio does not favor initiating a Sell-side intraday trade today. Wait for it to rebound near the levels of 11138 for initiating the short positional trade with a stop loss of 11222 for the target of 10833 and 10767.
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