On Friday, the market closed above the major level of 5350/16900 that may lead one more bullish rally in the market minimum
up to 5440/18150 in the near-term. As per overall pattern calculation, these levels may act as a major resistance for
the market and one should be cautious while adding fresh long positions around the same. Our advice is to be a pure
trader around 5440/18150 with strict stop-losses. We have observed in the past that around major levels traders unknowingly
enters in to several positions, that leads to perfect over bought kind of formation at highest levels.
For the day, the level of 5390/17990 may again act as a major resistance and sustenance of the market above 5390 in the
second half will lift the market to 5440/18150 in the near-term. On the lower side, the level of 5350/17900 may act as a
major support and as per formation the market should not close below the same to continue the bullish momentum.
