The market was weak as predicted in our previous post. It met resistance at 5761.85 as against our predicted resistance at 5758 and then it went down to 5649 and the short-term traders who covered their shorts at lower levels, as advised might have profited while opening long positions.
The immediate resistance today will be at 5696, which if overcome may see the benchmark index go up to 5747 and 5780 and 5809.
If it fails to conquer 5696 then it will drift to lower levels with supports at 5660, 5630 and 5583.
Our outlook continues to be weak with few flashes upwards and new bottoms.
The short term traders may close long positions in every bump up and open fresh shorts at higher levels.
The mid-term investors may bid HCL Tech at 919.10, HDFC Bank at 618.70, ITC at 318.95 and TCS at 1782.55 in small quantities.
No comments:
Post a Comment