We had advised the intra-day traders yesterday to short at higher levels and those who follow our blog might have made it big, especially when all the analysts were hooting bullish. (click here to confirm )
The market is still looking weak as no clear signs of a bullish up move are visible as yet. But no bearish signs are visible either. Our outlook continues to be of consolidation with possible lower bottoms.
However, the moot point for the immediate trend for the day depends on which side of 5737 point the market trades. Once above this point, it might face resistances at 5758, 5798 and 5825.
A dip below the 5737 mark then it may further go down with supports at 5712 and 5666.
The short-term traders are advised to cover their short positions in case of weakness and start picking long positions albeit in small lots.
The mid-term investors are advised to bid HCL Tech at 919.10 and TCS at 1782.55
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