The market opened higher but in the second half, it came into short covering mode and that has pulled the market
towards 5380 levels. As per the daily chart, the market is heading towards the upper boundary of the rising channel
which is close to 5380/5440. We may expect the rally to pause between or around these levels. One should be purely
of the view to trade with tight stop-losses as the upside seems to be limited. But at the same time, avoid contra calls
to short in advance. As the divergence is missing on daily and weekly chart, we can only say buy on declines especially
non-index heavy weights second liners with a trading view.
For the day the 5330 may act as a major support for the market and 5380/90 may act as an immediate hurdle.
