The Nifty bounced back from 5926.78 a few points above our predicted support of 5922 (previous post) and therefore much of the carnage was avoided.
The immediate support for today is at 5963 and then 5946. However, if 5946 support too gets breached then the market may plunge again towards 5892.
However, our outlook for the day is of further consolidation and rise with a bullish undertone with immediate resistance at 5990 which if conquered may make Nifty face further resistances at 6026 and 6062.
The intra-day traders are advised to place the stop loss for longs at 5875 and continue to ride longs. However, beyond 6026 one might as well bid Nifty 5600 August Put Option at around 35 as a precautionary measure if one is riding longs as per our directions.
In case of weakness the mid-term investors may bid HCL Tech at 865.95 and 854.05 and ITC at 358.55 and 352.65.
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