Yesterday this market walked straight up into resistance and resistance did not break. Nifty opened 23984, touched 24011, then slid all day to close 23853.90, up almost a percent but well below the open. That is not a breakout. That is a market running into resistance. And yet, underneath the fade, the one thing I have waited two weeks for finally happened. The foreign desk that would not stop selling turned around and bought. Today is expiry, the line is 24000, and the buyer is back. You still buy the dips.

The strength sat where it has all week. Autos led, Trent ran 5.35 percent, Maruti and Mahindra both over 3, banks and capital goods firm, defensives and a tired power pack the laggards. The Sensex did the same, up 0.97 percent to 76264. Risk-on, exhausted at resistance.

The part that changes the story is the positioning. For two w ...