The market has come down quite a bit in the last week breaking the crucial support of 5664.
The tipping point for the day is at 5658 and if the market does not hold above this point conclusively with good volumes then it is clearly headed towards 5558.
On the flip side however, the immediate resistance is at 5669, 5680 and 5710.
Our outlook for the day is that the market may have formed an intermediate bottom or will form one today in this last leg of down-slide before consolidating and resuming a short flash of a shot up north. It may be however remembered that this is the triple witching week wherein the settlement of F&O is due on Thursday the 28th March.
Incidentally, all the banks (except HDFC Bank and SBI) have turned weak. HDFC Bank may be considered weak if it breaks the support of 602. ITC continues to be strong and safe.
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