The market was indeed very choppy yesterday as envisaged in our previous post. It went up and down thrice finally closing almost flat.
The immediate resistance for today is at 5486 which if conquered may see the benchmark index go up and face further resistances at 5495 and then 5518, 5563 and 5592. 5563 continues to be the crucial level and until it is conquered, the nifty will continue to be bearish in the overall.
However, if the nifty trades below 5486 then it will slip down with supports at 5444, 5412 and 5358.
Intra-day traders may follow the trend depending on which side of 5486 mark nifty trades, ie to place stop loss at 5486 for trades opened in either side. However, no positions may be left open for tomorrow.
Mid-term traders may continue to build positions in the September series by shorting Nifty Calls at higher levels and shorting Nifty Puts at lower levels.
Only those mid-term investors who were able to buy HCL Tech stock in its recent melt down as we had advised may add more to their portfolio by placing bids at 930.05.
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