Our outlook continues to be bearish and any signal of an intermediate bottom is yet to come. The benchmark index is headed towards the crucial support of 5558, immediate supports being 5678, 5657 and 5631. If the nifty trades above the 5704 mark then it will meet resistance at 5708, 5733 and 5751 at which points fresh supply and shorting will emerge.
Intra day traders are advised to play on the short side; the market is not out of woods as yet as long as it trades below 5798 which may be treated as stop loss for short trades, being a stiff resistance.
Mid term investors may continue to bid ITC in small quantities at 318.55 and HDFC Bank at 650.25.
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