The signals of weakness observed in our previous post, proved to be correct as the Nifty nose-dived in the last session to 5910.95 which was even below our predicted support of 5920, although it recovered as it bounced back immediately within minutes.
However, the market outlook continues to be bullish and fresh longs will be initiated if it happens to trade above the 5995 mark with volumes today.
On the other hand if it slips below the 5945 mark then the immediate support is at 5922 which if taken out today may see Nifty weaken further to 5889 and 5867.
The intra-day traders may continue to bet on the long side with strict stop loss at 5875.
The mid term investors may utilize any weakness by placing bids as under.
ASIAN PAINT- 4794.80 and 4757.35
HCL TECH- 864.70
ITC- 312.15
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