The market came down significantly yesterday as the key supports of 6070 and 6005 were taken out.
For the intra day traders, the key level to watch for the return of bulls is that the Nifty must cross the resistance of 6125 which looks impossible today even if there is a bounce. The market has turned weak as we had been advocating throughout this week. The immediate points of resistance are at 5998, 6024 and 6067. However as of now the market looks headed towards 5764 if the immediate support of 5942 is taken out today in early hours.
The mid term investors must have noticed how the HDFC Bank and ITC counters held even after a meltdown in the broader market index. Any dip may be utilized to accumulate.
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