The 5827 mark stated in our yesterday's post was quite significant in yesterday's session and even though the benchmark index did finally move towards it (5828.4) after going down to 5777 ( our support was at 5770), the Nifty ended just a wee bit short of the mark at 5822.25. Yet the direction remained inconclusive. The direction of Nifty depends mostly on which side of 5809 mark the Nifty trades today.
It may be noted that in the absence of clear signals, the market may find resistance around the 5841 and 5864 mark, the latter if conquered conclusively may see short covering take it a bit higher to 5891/ 5908. On the other hand, in case of a down tick below 5809, which seems more likely, the Nifty may find supports at 5797, 5790 and 5764. Below 5764, fresh shorts will be built.
Intra-day traders may trade accordingly with stop loss for longs at around 5764 and shorts at around 5864. Option traders may start building their position for July 2013 series and stop trading in the current series.
Mid-term investors may continue bidding for HDFC Bank at 650.40 and ITC at 327.05
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