As envisaged in our last post, the market indeed turn our to be weak. The immediate resistance for today is at 5514 and the tipping point for today is placed much higher at 5528. If the benchmark index manages to stick it's head above this mark then the market will face resistance at 5531 and 5559.
On the flip side the supports are at 5453.
Our outlook continues to be pessimistic and the market seems to be headed towards the 5444 mark. If 5444 gets broken today then lot of supply will emerge from the domestic players as new shorts will be initiated.