The market is not out of the woods yet and technically looks rather weak. Although the benchmark index may gain a little more but its future course will be decided only if it conquers the resistance of 5718 with good volumes on closing basis. Otherwise, we are very much into a bear market.
The immediate support for today is at 5604 which if breached then further supports will be at 5590, 5564 and 5546.
The short-term traders may trade accordingly and cover longs in case of a rise or buy Nifty puts at higher levels for hedging.
If HCL Tech stays above the 931.4 point with good volumes then it may safely be assumed that the stock is bullish and positions on the long side may accordingly be taken by the mid-term investors at around 935 levels.
They may also take advantage of the weakness in HDFC Bank and place bids at 591.05 or 583.35 if 591.05 gets breached within the opening hours of trade.
Hindustan Zinc may also be considered for going long at 101.35 and 98.55 in small quantities. One may also bid for ITC at 329.75.
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