On Monday, despite the absence of FIIs activity, the market managed to breach an important resistance level 5165/90
under the leadership of Reliance, Larsen, Tata Steel and Infosys.
The market remained in an uninterrupted up move through out the day and closed well above 5190. Even though the
market remained in a narrow range, many stocks corrected to their major levels in last 5 days and turned back quickly
on Tuesday. This has absorbed the selling pressure and entered into new bullish territory. The market has next major
resistance only in the range of 5290/5310 (17700/17800). In brief, any decline from here will be an opportunity
to enter into long positions.
Supports exist at 5190/17330 and at 5170/17270 to add fresh long positions. In case the market opens higher, then the
strategy should be to look for buying partial positional long bets.
