The direction of movement today will depend on which side of the 5805 mark the benchmark index trades.
The immediate support is at 5793 which if breached may see Nifty loosing ground and going down to 5776, 5748 and 5721. 5697 should act as stronger support in this case.
However, our outlook for the day is that the Nifty should stabilize around these levels and gain somewhat with immediate resistance at 5812 and then at 5823, 5853 and 5896.
The intra-day traders are advised to keep the key point 5805 in mind and trade long or short depending on which side of this point the Nifty trades. All trades may be closed by the end of the session.
The mid-term investors are advised to utilize any weakness to bid for the following stocks in small quantities.
ITC at 337.75
HDFC Bank 640.15
SBI at 1763.15
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