The Nifty did indeed show quite a strength yesterday yet the resistance of 5718 remained unconquered.
Our outlook for today is a bit more of bullishness with immediate support at 5671, below which point the benchmark may turn to be weak once again but will consolidate with subsequent supports at 5648, 5637 and 5613. The intermediate bottom seems to be in place.
If the Nifty stands above 5671 then we may see a bit of up move with resistances at 5718, 5732 and 5766. Fresh longs will emerge only beyond 5862.
Intra-day traders may follow the trend depending on which side of 5671 the market trades, i.e. go long above it and go short below it, and it is further advised to exit the positions before the market closes today.
The short-term traders may stay away today as yesterday's up move and even today's up move, if at all will remain inconclusive as the Nifty is gaining on account of rise in technically weak stocks.
The mid-term investors may bid HCL Tech at 913.15 and ITC at 324.85.
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