The levels of 38496/11390 will pose a formidable challenge for the bulls for any further meaningful upside in the frontline markets.
Only with a close above these levels can we possibly see ~39072/11560 in the coming days - however the chances are slim for the same.
Conservative traders are better off avoiding NIFTY specific positions on the long as well as short sides.
Aggressive traders can still short afresh keeping a closing SL at 38580/11415.
Between the SENSEX/NIFTY and the BANKNIFTY - BANKNIFTY holds more promise for the bulls.