Anand Rathi: Undertone remains bullish

According to Anand Rathi Securities, the market undertone is still bullish. Some amount of short covering in Nifty mainly by FIIs and both the short term indicators pin point towards a continuing bullishness.

The only point of concern is disappointing performance of some big guns and with their continuous adding of positions, they would play the deciding factor for the market.

Technically, one may use the level of 3100 (Nifty) and 10600 (Sensex) as the stop loss level. Nifty faces resistance at 3475 and Sensex at 12000.