Nifty Drops : US stocks rebound : Fed Minutes ,Employment Data coming next

Nifty fell to 6160 and is now bearish . I see a downside at 6000 levels . As mentioned earlier Nifty is now moving within a range of 6000 - 6300 . I will look to open a short nifty position today morning for a stop loss of 6300 . My sell calls on Nifty and Bank Nifty remain unchanged . Bank nifty also looking bearish with a close below 11000 will take it to 10600 on the downside .Reports showed that business slowed in emerging markets according to HSBC market index .India services market reading was below 50 for the consecutive 6 months , indicating business confidence is low at current scenario .
S&P rose for the first time in 2014 . It was bearish since start of the new year . I am still bearish on S&P for a possible target of 1780 . Coming up next 2 key events Fed minutes and NFP release on Friday ,Analysts expect a small change in numbers than last year . US trade deficit also shrank , which also supported the rally yesterday . Oil imports were down , which means US is trying not to depend on oil outside while it continue to use its own reserves .US Trade figures and other macro indicators suggest a growth in US economy in 2014 . German unemployment also dropped for the first time since last year showing signs of improvement in Europe . Euro stocks also rose along with US followed by Asian markets today morning .
Statistics
No change in Sell Nifty Jan Series.
No change in Sell Bank Nifty Jan series
No change in long $UsdChf .
No change in half short $GbpUsd position.
No change in half short S&P.
No change in short $NzdUsd.
Looking to Sell Nifty today morning .

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