If the nifty conclusively trades above the 5408 mark then the immediate resistance for today is at 5448 which if conquered may see a bit of short covering and propel the benchmark index towards 5525 levels with intermediate resistances at 5466 and 5504.
On the flip side the supports are at 5380, 5356 and 5317.
The technicals of the market indicate a little more weakness but a lot depends today on which side of the 5408 mark the nifty trades.
Our outlook continues to be bearish unless and until the index conquers the resistance of 5563 conclusively.
The intraday and short-term traders may continue to play on the short side with stop loss at 5570 levels.
Mid-term investors may observe HCL tech as indicated in our yesterday's post. Click here to see our yesterday's post
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