Nifty futures broke the previous low which indicates a major break down on the downside for 5400-5450 levels.Though bank nifty did not break the previous low the major index broke the so called 200 dma and continuing the H&S break down. 5400 put(May) is still available at 50-55 and this can be the cheapest investment that can be made during this volatile time. All the mentioned stocks like LIC housing, Allahabad bank and JP gave decent returns in the previous bounce and it is wise not to make fresh buying positions as the bounce back is over. IT sector is showing some major weakness and stocks like TCS , Wipro and HCL tech are the weakest among the pack. TCS could retest 1400 soon and among the banking stocks like Axis bank would be aiming at 1150 levels in the current series.After the recent correction TATA motors is one stock which could bounce back from the lows and it is currently trading close to 61.8% retracement zone at 255 levels. The stock could correct upto 235-240 in the down trending market but it is always good to watch this stock on bounce backs. Volatility data is showing short build up at higher levels and at 20 points premium nifty cannot bottom out. It has to come in a discount with panic selling in midcap stocks and that is how we call a bottom has been formed.On the upside 5760-70 would be the ceiling for the month and it would be a tough task for nifty to break out on the upside
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