With most technical barriers being comfortably pierced, the market sentiment appears to have become exceedingly buoyant. While the market is agog with news that FIIs are buying, we reiterate what we said earlier -- FII buying is very useful to comprehend why the rise occurred but it is by no means a guarantee of the future course the market will traverse.

A flashback to March indicates that heavy FII buying then was followed by a very bad spell for the market. Hence, investors would be well-advised to be selective while riding the rally.

Traders however can make hay while the sun shines and those with a bullish temperament can consider long positions at the counters of   Visual Soft at Rs. 1,766 (square up at Rs.1,829) and  Satyam Computer Rs.597 (square up at Rs.643). Those with a bearish temperament may consider taking up short positions at the counters of Himachal Futuristic at Rs.1,829 (cover up at Rs.1,782) and Zee TV at Rs. 557 (cover up at Rs.524).

(Ashok Kumar heads Lotus Strategic Consultants, Mumbai. While due care has been taken to prepare this report, readers are advised to take specific investment advice before taking any investment decisions.)