For intraday outlook on Monday (24-Jan), technically it has a bearish trend known as a running correction and I would not be surprised to see levels of 5,535-5,378 levels in the next trading days. The market has unfolded flat and has traded in a narrow range of just 100 points the last trading week and has closed marginally in the green.
Technically we now head into truncated F&O expiry week with a holiday on Wednesday. The market from so far hasn't demonstrated any strength and so far 5,625 is a crucial support until F&O expiry and as long as that holds we could see levels of 5,800 due to short covering but we need to watch crucial support of 5,625 as its would crack the market.
From a trading point of view traders are suggested to buy on dips until 5,625 levels breach for a target of Rs 5,800.
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