It was apparent on Friday itself that the markets couldn't sustain themselves at the higher levels. For the day, the level of 38157 (11248) is the first resistance and a failure to convincingly close above this level will only push the markets lower in the days to come.
Downside supports exist at 37979 (11196) and 37854 (11159).
Hold on to your Index shorts/ add fresh shorts at the current levels as per your risk appetite and MTM capacity. Conservative traders keep a Closing SL at 38221 (11267) for all short positions. The near term targets on the downside are 37807 (11145) and 37498 (11054).
In stocks, we continue to have aggressive longs as well as shorts.