Guys guys! Once again we were pretty accurate in predicting the support; we had predicted the support at 5674 in our last post and the Nifty bounced right from 5675.75. (our last post.. click here to confirm)
Those who have been following our advice might have made quite a killing for we had been advocating short trades for the past few sessions.
The direction of trade primarily depends on whether the immediate support of 5723 holds or not. If it is breached then we might see further erosion with further supports at 5704, 5694 and 5647.
However, if the benchmark index manages to stick it's head above the 5723 mark then we may see it go up north with a bit of resistance at 5770, 5790 and 5825.
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Our outlook is that the market may consolidate at lower levels with possible lower lows.
The intra-day traders are advised to trade on short side as the market may remain weak. One may book profits at lower bottoms and short at higher levels in case of a pull back with stop loss at 5842.
The medium-term investors are advised to take advantage of the current weakness and bid HCL Tech at 918.45, HDFC Bank at 587.05, ITC at 318.95 and TCS at 1805.51 and 1781.20 in small quantities.
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