The Nifty did manage to trade above the 5782 mark and acted quite in expected lines of stabilizing around these levels before finally being stopped at 5848.5, a wee bit short of our estimated ultimate resistance of 5849. (Click here to verify)
5824 must act as a support today and if this support holds then one may conclusively trade on the long side as in this case it can safely be concluded that an intermediate low has already been formed. The possible resistances in which case, will be at 5849, 5862, 5886 and 5917.
However, if the benchmark index slips below the 5824 mark, then the immediate supports will be at around
5809, 5794 and 5764.
The intra-day traders are advised to go long or short on Nifty depending on whether it trades above or below the 5824 mark with good volumes. 5764 must be the strict stop loss for longs. However, if the intra-day positions are not squared off by the end of the session then one is advised to hedge one's position by adding a put or a call depending on whether the position being carried forward is on the long or short side respectively.
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