I wouldn't read too much into Friday's rise and change my near term outlook on the markets. Even after Friday's rise, we are left with a 266 point weekly fall on the Sensex (and 107 on the Nifty).
Multiple failures to cross and sustain key resistances above 35700 have left the markets vulnerable to breaking supports and crashing.
Exit weak long positions on every rise. Initiate aggressive shorts at every level; with a SL at 35779.