Two elements for yesterday trading- a dip into the support region and the formation of a Bullish engulfing pattern over there. This is good- provided, there is follow thru price action today. That means a move above yesterday high, continue past 25050 and hold that. For bullish views to be thought of only in case of a move past 25150. On the lower side, the support at 24680 was threatened and that is a level that shall be on watch across the week.

Similarly, 56165 would the level to watch in BNF. Having bounced off some supports, now it becomes imperative for the BNF to move and hold above 56890 at the minimum and bullish views can be drawn now only if above 57250.

Ideally, traders can use rallies to the higher levels shown can be used to push fresh shorts into the market. Why shorts? Because, the breadth situation is distinctly bearish. The number of bearish stocks, for eg, with bearish weekly CPR Level 1 signal (on Neotrader) outnumber the bullish substantially. On the daily Active Stocks list too, on the Dashboard page of Neotrader, we find a dominance of high scores (for Aging) on the bearish list while the ones in the bullish list are few and most are new entrants. This clearly shows the bias of the market.

24800 is a big strike with positions in both C &P. So, market will fluctuate around there for a while. Slightly elevated premiums with two days to go for monthly expiry. So the market seems to be pricing some chances for some movements. FII shorts increased a bit further. So no relief from there as yet.

Index ko chodo, stock me khelo is the current credo in the markets. Seems like a good idea for now.