On Monday, the market has broken all its barriers for the day and closed above the major hurdle of 5160 without any
major efforts. It suggests us that the market has seen its worst at 4685 however, we will come on the same conclusion,
only if it breaks 5300 on the higher side. But it does not mean that we can take a contrarian call on the market and
sell-short in advance. On declines at major supports, one can add long positions with again short-term view because
the rally that we saw on Monday was with exceptional rise in almost all index heavy weights.
For the day, the level of 5225/5235 (17560) may act as an immediate hurdle for the market above previous day's highest
level of 5205/17370 and reversal from these levels may lead to temporary correction in the market. On the lower
side, the level 5160 and 5180 may again act as a major support for the market. Our advice is to look for short-term
buying opportunity around the same with an upside target 5290/5300.
