As expected by us the market bounced but it did not sustain as the FII’s preferred to sell off for the first time in the past several days which added fuel to already damaged sentiments. We warned that below 5675 the panic botton will be pressed and as expected the volumes have gone up in yesterday's F&O market.

The political uncertainty is helping the bears to have  firm control of the market. We had already given 5950 as the level of strong resistance and further we had informed that below 5670 the market would be helping the bears. Now the market has entered into a strong bear phase. The market may sink down to lower levels. The gap at lower level may be targeted by the bears.