As can be seen from our last posts, the market was looking weak for the last few days and so as if responding to the chart signals, it did come down crashing yesterday. The breach of 5630 levels did bring the benchmark index to as low as 5589.9, which was a shade above the crucial support of 5584.
The tipping point for today's trades is at 5628 and unless the market trades above 5628 conclusively, there are no hopes for the bulls. In case of an upsurge/ bounce back, the immediate resistance is at 5632 and then at 5644.
In case the support of 5584 does not hold conclusively, then the immediate support is at 5516 below which the current bullish trend will reverse.
Our outlook for today is weak consolidation if the 5516 level is not breached.
The tipping point for today's trades is at 5628 and unless the market trades above 5628 conclusively, there are no hopes for the bulls. In case of an upsurge/ bounce back, the immediate resistance is at 5632 and then at 5644.
In case the support of 5584 does not hold conclusively, then the immediate support is at 5516 below which the current bullish trend will reverse.
Our outlook for today is weak consolidation if the 5516 level is not breached.
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