After trading around our key point of 5789 for almost 2 hours yesterday, the nifty finally broke off the immediate bearish trend and went up to 5854.9.
It may however not be construed that Nifty has turned bullish. It is just that the spate of down-slide has been slowed down further and the benchmark will not erode at the speed it did in the last week's sessions.
That being said, the supports for the market for today are at 5834, 5822 and 5802. The nifty is however expected to go up further north with immediate resistance at 5862 and 5880. If these are conquered then it may go up to 5909 and 5962.
The intra-day traders are advised to go long with stop loss at 5802.
The med-term investors may continue to accumulate ITC at 327.05 and HDFC Bank at 659.40 in small quantities. They may also consider pruning their portfolios of the non- performing stocks ie those stocks that are languishing around or below their December 2011 levels.
For specific queries regarding the offer prices at which you must sell the non- performing stocks in your portfolios, kindly write in the comment section below.
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