The crucial support of 5664 got broken and as predicted in our previous post fresh shorts were built yesterday.
The market will continue to be weak headed towards the very bottom rock support of current trend which is poised at 5558 although a few bouts of short covering may see it bounce back. The immediate support is at at 5616. The Nifty will meet resistance, in case of a pull back, if at all, at around 5688.
Traders are advised to build long and short positions for the July series and stop trading in the current one.
Mid-term investors may bid HDFC Bank in small quantities at 625.80 and ITC at 309.70
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