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Technically the market is still in a sell mode. Market is now into an F&O expiry week. It is also now head into a the Financial Year ending. The market is expected to be volatile and if it slips down then it may slip to our technical support level of 5080, however 5400 is a stiff resistance to deal with.
The market unfolded Volatile as expected and came closer to 5100 to bounce back on the last day of the week to close marginally positive.
Technically the bar generated for the week is a bar that displays strength and gives an indication that the down move temporarily could be arrested. Now it should have a truncated week with just 3 days of trading with a long weekend ahead. Technically we could see some volatility and the upside could be limited to 5383 zones with strong support emerging around 5200 levels.
From a trading point of view we suggest to trade long as long as 5200 holds.