On Thursday, the market has retraced to all the levels that we discussed in our update except 5270 and we may expect
that level to come, if indices fails to surpass or reach 5335/17830 levels. However, as the trend is strong, we may expect
quick reversal from lower levels. It seems that the sideline traders/investors may jump into the market near the
previous support 5230/17480 of the market.
For the day, we may expect further weakness, if indices trades below previous lows 5290/17675. It has next major support
in the region 5270/60 (17600). For positional traders, it will be an opportunity to enter into positional longs with
an anticipation of four to five percent gains from 5270/60 levels. On the higher side, 5320 and 5335 may act as a
major hurdle for the day.
In case the market breaks 5230/17470 on a closing basis, then it may invite worries, on the other side closing of the
market above 5350/17900 level will be positive for the market.
