The market remained neutral through out the day possbily because of over retracement in the short term. However,
it closed near to day's low on profit taking in IT, Pharma and banking stocks.
For the day the level 5175/16370 may act as a major support initially and on the breach of the same we may expect
further slide to the level 5155/17270. Our advice is to accumulate Index stocks around these levels with a medium term
view or with an upside target of minimum 5270/17640. In case, the market opens higher, then one can trade long to
ride the rally max up to 5270/17640. Around these levels we may expect heavy profit taking from positional traders. In
fact, intraday traders can even buy at the money Put option of the current month with a short term view in mind
around 5270/17640 levels.
