How Far will the Bears Run Today?

The bears are banking on the resistance at 4941 which is a gap resistance. But, bulls are known to be extremely vigilant about such levels, and if they manage to get an open above 4950, bears have just one protection, that of our old 200 HMA, which is at 4990-5005.

Too many bears were expecting a vertical crash yesterday and today, and since the May series will expire today, they will be forced to cover their shorts. This 'force' of short covering will alone determine whether 5000 level is able to be crossed intraday.

If one is long, keep trailing. Don't book at predetermined targets. Trailing stoploss holds the key today.