On Monday the market opened at an almost unchanged level but sustained well above the opening level and
gradually moved towards our requisite level 5270/17640. May be today in the morning the market may reach the
5270/17640 level or maximum up to 5340/17950 level, but around these levels our advice is to trade cautiously as these
levels may attract profit taking.
In case the market reverses "sharply" from these 5270 or 5340 levels then it will be an opportunity search from
shorting strategy with a short view in mind. Buying put options should be the strategy. On the lower side we may
expect support in the range 5204/17470 level and in case the market sustains below it then the fall may accelerate to
the level 5160/5140 (17270/17240) levels.
For the day our advice is to trade cautiously at higher levels however, shorting is advisable only on sharp reversal from
these levels.
