The readers of this blog might have noticed that despite the ongoing weakness, the crucial rock support of 5558 held against all odds and then the market leaped up finally breaking out; the breakout was predicted our post yesterday.
Whether the up-move sustains today is yet to be seen and depends mostly on which side of the 5670 mark the benchmark index trades today. For the market to resume an immediate bull trend for the next few sessions, it must hold conclusively above the support of 5619; the immediate support for the day being at 5668 and 5642.
However the immediate resistance is at 5691 and if the Nifty conquers this level then it will face resistances at 5711 and 5748.
The intra day traders are advised to go long on Nifty with stop loss at 5614.
The medium term traders are advised to bid the following index stocks in small quantities at the prices mentioned against them.
ITC 318.55
ONGC 315.9
SBI 1881.85
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