The markets bounced off 35511 on Friday and closed the week with a net loss of ~737 (219 on the Nifty) points.
The low of Friday will serve as a support in the immediate future, however the upsides remain capped as there are a string of resistances from 35906 to 36054 which will unleash fresh and relentless selling every-time the markets come close.
The Geo-political tensions in the aftermath of the unfortunate Terror attacks have brought in a heightened uncertainty to the markets which were in a downtrend in anycase.
The trading range of ~35500-36100 will break on the lower side in the days to come. However, we will continue to see intermittent rally's and bounce-back's which can be safely sold into.
We continue to hold NIFTY PUTS and wait to look at stock specific opportunities.