We were looking for the lows of the last five sessions to hold but yesterday it broke. Seems like market had the wind of the additional tariffs? But the SGX is mildly down considering Trump slapped another 25%. After all, the same news will not keep having the effect it had earlier. Last time, a gap down was consumed in a day. What about this time? What we need is a show of upward strength. If the market survives the downside pressure of tariffs, that is half the story. So, we wait for some upside show of strength.
That shall come cross and trade above 24850 first and then keep progressing higher. For BNF, this will be at 56350. If, however, the prices choose to continue below yesterday low, then shorts would be the way to go as the downtrend would now extend afresh. FII continue to be sellers, with net short now reaching 1.67L contracts short.
Call writing persists, sending the PCR down to 0.60. So, default setting is short as well. Premium on expiry day is decent so can expect some movement today as news trigger is also there.

For sure, some sectors will suffer larger declines. But the date has been kicked down further to Aug 27th. So, there will still be some hopes maintained about India striking some deal. Given that, we should rule out any big advance. Hence, ranging trades with a down bias will probably prevail. Perhaps short Strap option trades (one put and two calls) instead of short strangles?

Better then to continue with stock plays where these kind of shadows are either absent or lesser. Plenty of those around