Stocksweekly has been updated and finally edited. Please read carefully and prepare a strategy accordingly.
Since long term term accumulation is expected at lower levels, the major supports mentioned far below the current levels may be treated as final stop loss for longs.
Long straddles (buying calls and puts of the same strike) at current levels are still recommended for short term traders. On further declines, Long term investors with at least 3-5 years perspective should start systematically accumulating fundamentally strong counters -especially capital goods and construction besides big banks and big IT companies etc. But Metal stocks are likely see longer period consolidation due to declining demand.
Short term traders could stay away from Futures for the time being.