The followers of our blog might have noticed how close we were in predicting our resistance of 5862 and support of 5802 (the benchmark met actual resistance at 5863.4 and actual support at 5804.3) and very much followed our predicted course.
The outlook for today is not very clear as no clear signals are emanating. However, very much depends on which side of 5827 point the market trades with larger volumes. 5805 is the immediate support below which the Nifty may go to 5770 and even test the crucial support of 5764.
On the other side, the immediate resistance is at 5841 and then at 5862 above which a bout of short covering may set in to see it go a wee bit north to 5886 or 5909.
Intra-day traders are advised to keep the above in mind and follow the immediate trend with stop loss for longs at 5805 and for shorts at 5862.
Mid-term investors may bid HDFC Bank in small quantities at 650.20.
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