So, the market is in a most crucial and interesting phase now, (and how often these lines are being written!)
Is it possible to say yesterday's rally to close at 2367 may be a turning point?
It does appear so, doesn't it?
With every rise, the short covering will keep the up momentum fuelled. Buying from FIIs seems to be coming back. Traders are increasing their exposure.
Yet every rise increases the talk of a fall again.
For now, 2370 tested and won, 2377 may give resistance unless it's taken out very early in the opening momentum of the session. A climb above 2380 would seem logical then. If that sustains, we should be looking to retesting upper peaks some time soon.
To the down, 2359 is an important level today, as below this the support at 2350 would be threatened. 2345 has held so far very well.
Crude is up there again, and that may spoil the party.