Market gapped up 06/01/2010

Market gapped up, traded in a narrow range throughout the day to close in the positive territory. The coming trading session is likely to trade with positive bias. On the upside if indices trade convincingly above 17730 / 5290 levels then it is likely to test 17830 – 17950 / 5320 – 5360 levels. On the downside 17590 – 17550 / 5244 – 5229 may act as support for the day. Since we are approaching the major resistance levels of 17800 -17960 / 5300 -5360, traders who have gone long at lower levels are advised to book partial profits in the range of the above mentioned resistance levels.