On Wednesday, the market opened higher but failed to breach an important resistance level of 5300. It is reversed
from there and in the second half it remained below the level of 5260/17630. Last but not least, that the mark
closed below the lowest level of previous day, which means short-term trend of the market is certainly weak. However,
due to uninterrupted 12% up-move in the medium-term, trend has strengthened very well and that will help the
positional long traders too.
In brief, even though the short-term trend is weak, we can not be too rigid to follow it because the medium-term
trend is in strong grip of bulls.
For the day, we will watch the level of 5275/17640 as a major hurdle for the market and its failure to sustain, will result
into short-term weakness. On the other side, the level of 5235/16480 may act as a support for the day and dismissal
of the same in the second half will certainly push the market towards the psychological support area of 5200/
5180. Aggressive long traders can create few long positions in select stocks between 5200 and 5180 levels