We are in a bear market as we had already declared in an earlier post. The immediate support for today is at 5350, 5327 and 5282. Below 5282 it may drop down to 5211 levels.
On the flip side the immediate resistance is at 5425 and if the benchmark index happens to trade above this point then it may go up and face further resistances at 5453, 5489 and 5511.
The overall outlook for today is an all out weakness and intraday-traders and short term traders may keep on playing on the short side and create fresh shorts on every rise up around the specified resistance levels with an eye on the volumes being traded.
The mid-term investors may consider buying HCL Tech at around 925.65, 905.20 and 882.70 but the bids may be placed after an hour or two of trade. A breakout is expected in this counter today, the direction of breakout is not clear from the charts.
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