As envisaged, the nifty moved up initially and then came down crashing and those who followed our advise of shorting the market in our yesterday's post might have profited and realized the power of technical analysis. The benchmark index gained by 103 points and moved up to 5504.1 in the initial hour of trade.
The nifty continues to be weak with support at 5289 which if taken out will see Nifty loosing further with supports at 5212 and 5122.
On the flip side, in case of a bounce back it will face resistance at 5326, 5358 which if conquered may see it rise up further to 5386 and 5414.
Our outlook continues to be weak and we advise the intra-day and short-term traders to continue sorting the market on every rise and play on the downside with stop loss at 5570.
The mid-term investors might have noticed how HCL Tech stayed above the 882.70 mark through out the session yesterday and towards the last hour it went down to 881.3 before closing at 885.9. The counter may be watched closely again as the support continues to be at 882.7 and if this is taken out conclusively then the stock may go down to 858.5 and 834.35. They may also consider investing in Hindustan Zinc and place bids in small quantities at 104.5 and 99.85.
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