The market did show a bit of bounce back yesterday but we still are in a short term bear market and will remain in it till the benchmark index trades above the 5583 mark with good volumes.
The immediate support for today is at 5391 and then at 5375 and 5348/ 5332.
On the other side the immediate resistance is at 5412 and then at 5444, 5477, 5487 and 5530.
Our outlook for the day is that the market may continue to be weak even though the intermediate bottom made yesterday at 5306.35 might be in place for the immediate term. Initially however, the index may go up further.
The intra-day traders may trade depending on which side of 5375 mark the Nifty trades conclusively , i.e. go long above 5375 and go short below 5375.
The short-term traders may continue to short the index on rise around the key resistance points with strict stop loss at 5583.
The mid-term investors might have noticed how accurate we were in predicting the support for HCL tech at 882.70 in our yesterday's post (click here to verify). The stock bounced from 882.65. Today the HCL tech counter, which did show a breakout from its earlier trend yesterday, may be closely watched. The support remains at 882.65 and if this support is breached then it will slide down to 858.5 and 834.35. Bids may accordingly be placed.
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