The stock market is very much into a intermediary bear market and if the support of 5764 gets taken out today conclusively, which seems more likely, then we are heading towards the 5558 mark. It may be noticed that although the benchmark did hit 5738.6 in the last session, thereafter it went up to 5792.9 and towards the end the last trades were around 5765 levels.
The markets will continue to be in sell mode in every spike up north. The immediate supports for the benchmark index are at 5755, 5734 and 5709. The resistances will be at 5776 and 5818.
The intra day traders are advised to short June futures on every rise around the resistances specified.
The mid term investors are advised to continue accumulating key stocks in small quantities at the bid prices in our earlier posts.
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