The readers of our blog might have noticed that we had predicted that the market 'will gain somewhat' in our last post amid all out gloom being advocated by most analysts.
The deciding point for the day is at 5852 above which the benchmark index will continue to be bullish and bearish below.
Our outlook for the day is that Nifty is poised to move up further with immediate resistance at 5871, 5883 and 5901. However, the Nifty may not go up in a straight line, in which case the immediate support is at 5844 and thereafter at 5822 and 5810.
Intra-day traders are advised to continue to ride longs and also add to long positions with stop loss at 5793.
Mid-term investors are advised to utilize any weakness to add stocks to their portfolio in small quantities. The bids are ITC at 338.75 and HDFC Bank at 655.15
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