The market continues to be in its down trend and what remains to be seen is whether the rock support of 5558 is broken conclusively with good volumes on closing basis or not. That must be the main feature today for a breach of 5558 will see Nifty slide lower and enter into a new phase of bearishness as against the current phase of consolidation with positive bias.
The immediate support for the benchmark index is at 5590 mark itself below which it may go to 5586 and 5578.
However, if it happens to stick its head above the 5698 mark then it will find resistances at 5631, 5640 and 5672.
Intra-day traders may continue to take new positions for July series in future and hedge them with an option ie a long on Nifty future as it weakens with a put option as it goes up north.
Mid- term investors may continue to bid the key index stocks at following prices in small quantities.
HDFC Bank 617.55
ITC 309.7
SBI 1898.05
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