Near term strategy would be to sell in two lots at 17,250-17,300:
``For today, let us track Sensex at 17,100-17,250 with extension of gains into 17,250-17,350 to attract profit-booking sales and ``short`` initiation. The near term trade strategy would be to ``sell`` in two lots at 17,250-17,300 and 17,400-17,450 with stop above 17,500/5,250. It is also good risk-reward to ``buy`` in two lots at 17,000-17,050 and 16,850-16,900 with stop below 16,700/5,000,`` said J. Moses Harding, head -- Global Markets Group, IndusInd Bank while commenting on the outlook.
``For today`s session we believe 5,330 could be the key ress zone though momentum still intact with bulls. Hence traders are advised to book partial profits at 5,330 and wait till 5,370 wouldn`t be broke down with substantial volumes. On the flip side 5,200 still act as crucial support in near term. Last session was absolutely a fantastic one as some short positions being squar red off as spot index posted more than 1%return on daily basis. For upcoming sessions 5,160-5,170 should be the next level of support where we might see some consolidation. Below this level we believe momentum may be smashed and we might see some substantial lows near to 5,000,`` notes brokerage house Mansukh.