Nifty drops : S&P continues to fall : Asian stocks lower

Nifty was down by 87 points on yesterdays close . It is near its support level and any close below 6000 for the next 2-3 days may take it down to 5800 levels . I expect the Nifty to bounce back soon as it is in red for the last 7 days , there will be a weak opening today and traders may look to buy around 5950 levels with a strict stop loss of 5900 on the Nifty . Asian stocks were down in the morning on global cues as manufacturing shrunk in US . Lupin posted good results while it was a bad day for Tata Chem, Gillete , Vijaya Bank and Jaypee Infratech .
S&P was down and has posted the worst losses since Jan 2014 . I see S&P till 1700 in the short term . US manufacturing was low in Jan as activity slowed down more than expected . This affected the dollar and was weak throughout day with Yen gaining the most . I will look to sell Aussie after its rate decision as I see some weakness on the charts.
Strategy
No change in long $UsdChf .
 

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