Traders may use 5,850 as an opportunity to re-enter:
``What a turnaround we have witnessed yesterday. Opened on a relatively flat note, spot index shown some rigorous buying through out the day, ended up with almost 2% returns. We believe it`sa technical pull back rather than any suggestive buying opportunity and possibility of some more correction should not be rule out. Technically spot index seems to be in a retracement phase of the entire rally from the lows of 5,400 to 6,240. Therefore next level of support could be around 5,930-5,940 where possibility of consolidation couldn`t be rule down. Moreover we believe Q2FY11earnings sessions will act as a trend decider in the upcoming sessions and any positive outcome may leap indices towards its previous highs of 6,357 in a short span of time. On the flip side any negative inflows from global as well as domestic front will shattered the current euphoria however traders may use 5,850 as an opportunity to re-enter,`` said the broking house Mansukh.
``In the next session 5,220-5,290 might be the range of Nifty; below 5,220 it may test 5,170 and if moved above 5,290 it may test 5,320-30. However, market is expected to attract buying at lower levels. Bank nifty future if traded below 9,300 may attract huge selling pressure. Metals and auto may attract buying while oil-gas may face more selling pressure,`` it opined.