Nifty gains 0.47% for the week - Microsec

After starting with a shaky session, the benchmark Nifty fell to make a weekly low of 5838.90 on Thursday and then it continuously rose to make a weekly high of 5949.85 on Friday of last week. At the end of week Nifty closed at 5907.40. It had a net gain of 0.47% over the previous week's close. On the sectoral front, the buying was itnessed in Consumer durable, Realty, Power, Metal and Oil & gas stocks. However, Information technology stocks traded lower.

After making a low of 5548.35 on 23rd November, the Nifty has given a strong pullback rally of almost 7.2% in last three weeks. Now Nifty is expected to face a stiff resistance in the band of 5950 and 6030. If Nifty breaches 6030, an upward rally might carry it to 6180 in the extreme short term. However, a breach of 5810 would indicate the end of current rally and in that case Nifty may go down and take support near 5540.

For the coming week, first support of Nifty is at 5800 and the resistance is 5950. If Nifty breaks 5800, it may further go down to 5730 and then 5630. However, if Nifty is able to sustain above 5950, the level of 6030-6080 would become the next target.

Source : Equity Bulls

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