The followers of our blog might have noticed that we were bearish for the last few days and had advised traders to play on the short side. The market had been showing an uptick and all those who utilized this upside to create fresh shorts might have capitalized.
The tipping point for the day is at 5874 and the support is at 5824 and 5762. On the flip side the immediate resistance is at 5893 and 5908.
Our outlook for the day is of continued weakness. The Nifty has changed its trend from bullish mode to a new phase of consolidation at lower levels with bouts of erosion.