The benchmark index did go up and then it came down yesterday, very much verifying our prediction that it may not go up in a straight line. And it did come down by quite a bit implying sudden weakness.
The outlook for today is not clear as mixed signals are emanating.
The technical charts, however, suggest that there still is some upside to it.
That being said, the key point to keep an eye on is placed at 5793, a breach of which may see the market weakening a bit with immediate support at 5764. Intra-day traders are advised to put their stop loss for all longs at 5750 and open fresh shorts if the market happens to trade below 5764.
However, the immediate resistance to the market is at 5821 and 5832. Above 5832 the nifty may rally up to 5849. If 5849 is conquered with good volumes then one may initiate fresh longs.
The mid term investors may utilize any weakness to add following stocks to their portfolio at the specified rates in small quantities.
HCL Tech 826.40
HDFC Bank 655.15
ITC 338.75
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