Trade Plan-Trade safely; Multiple signs hint at more weakness ahead.

NIFTY lack of directional consensus and indecisiveness among market participants. One concerning thing surfacing over the past couple of days was that volatility has come down significantly after a 27% spike seen a few days back.

In the previous session also, volatility index India VIX had come off 3.19 percent to 39.9300. The persistent lower levels of volatility are paving the way for a fresh decline in the market in the coming days. Also, this will keep upsides, if any, limited to a certain extent.

Friday's session is likely to see a stable start with the 9,245 and 9,315 levels acting as key resistance for Nifty, while supports will come in at 9,105 and 9,050 levels.

Some bit of consolidation and mild technical pullbacks cannot be ruled out from current levels. However, upsides,

if any will be short-lived in nature and limited in extent.

We strongly recommend staying away from taking any major directional exposure and protecting profits on either side.

A defensive approach is advised for the day.

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