Derivative Calls and Strategy for 8 August

The volume-based recovery has set the stage for a modest rally into 5,300 next week, however if the level of 5000 is breached than we may see a fall to the levels of 4850. We may see a dead cat bounce back in shorter time frame and thus we may see August futures settling near 5,300 levels on the next trading day as rule of gap down says that gap will be filled. However all eyes will be on global market which will determine the trend and thus keep an eye on the level of 5089 for the signal for any further selling to commence.
Markets in the coming week will digest the once unthinkable—the downgrade of the United States gold standard AAA rating—and the impact it will have on other credit ratings and investor confidence.


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