The tipping point for the day is at 5554 with 5571 and 5581 as the immediate resistances, above which the market must conclusively overcome 5662 for any hope of sustained up move.
Otherwise the immediate support is at 5535 failing which it will see further erosion till 5444.
As predicted in our last post, the market did go up yesterday albeit amidst pessimism.
Our outlook is of a little more upside if it holds above the 5557.5 mark. However, if the benchmark index closes above the 5610 mark on closing basis with good volumes, then the next trend will be of consolidation with positive bias, otherwise we are in a downtrend which may probably bottom out at around 5280 levels.
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