The benchmark index came down to breaching our stop loss point but somehow managed to close above 5764 in yesterday's session.
If the 5764 mark is breached today then Nifty may go down to 5697 with immediate supports at 5749 and 5727.
However, if it trades above the immediate resistance of 5782 then it will go up with next resistances at 5794 and 5836. If it goes above the 5849 mark then short covering may set in.
Our outlook however is that the Nifty may stabilize around these levels.
The intra-day traders are advised to trade depending on which side of the 5764 mark the nifty trades keeping the support and resistance points in mind. Fresh shorts are advised below 5764 mark.
The medium-term investors may continue to bid ITC at 317.35 and ONGC at 298.05 in small quantities.
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