The market behaved quite as it was expected to behave, if it traded below the 6000 mark yesterday as we had indicated in our previous post. (click here to confirm)
The immediate support which also happens to be a key support is at 5896.95 which if taken out will see Nifty go all the way down to 5770 with intermediate supports at 5872 and 5837.
However, in case of a bounce back the Nifty will face immediate resistance at 5932, 5955 and 5966.
Our outlook for the day is that the market has now turned to be weak albeit for a short term. Any hope for bulls will be only once it conquers the 5971/ 6018 mark.
The short-term traders who have been following our blog may refer to our earlier post (click here to confirm our accuracy) wherein we had recomended- "Short term traders may create position on short side for August series." Those who followed our advice might have made quite a killing. We recommend further short positions in Nifty with stop loss at 6018.
Mid-term investors are advised to bid ITC at 343.05 in small quantities.
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