Happy new year to all the followers of our blog! May this year be the harbinger of prosperity, peace and vibrant health.
The market ended 2012 on a silent note, consolidating with a bullish undertone without touching resistances or support.
The tipping point for the day is at 5908 which also happens to be the immediate resistance. If this resistance is conquered then the next resistances are at 5918, 5930 and 5940.
The immediate support is at 5885 and 5875.
Our outlook for today is that the market may consolidate a little more if it does not go north. The bullish structure is intact and any weakness may be utilized to go long.