Derivatives strategies: Short-term trend likely to be negative

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The Nifty made a failed breakout to above 11,000 and then reacted down quite sharply. It’s back in the trading range of 10,700-11,000 even though the RBI made a surprise rate cut and changed policy stance to “neutral” from “calibrated tightening”. The index is again taking support from its own 200-Day Moving Average (DMA). Until and unless, there’s another breakout or breakdown, judging intermediate trend will be impossible. The short term trend seems negative. Volumes continue to be low.
 
FPIs have been strong net buyers in February and domestic institutions have small net sellers. Breadth remains negative with over