Expect targets of 5950 & 6000 levels for Nifty - Nirmal Bang

Indian benchmark indices settled lower this week on weak global cues on concerns over the Fiscal Cliff issue in US. On sectoral front, BSE Capital goods, Consumer durables, Oil & gas stocks led the decline.

The 30-share index, Sensex declined 75.25 points, or 0.39% over previous week to 19,242. On the other hand, the broad based NSE Nifty too dipped 31.90 points, or 0.54%, to 5,847.7 Meanwhile, BSE Midcap and Smallcap lost 0.02% and 0.38% respectively.

Nifty Technical Outlook

Nifty maintains a buy on dip approach and expects targets of 5950 levels. If corrective trend is materialized then levels may act as strong support zone where again buying may be seen. Nifty has been continuing uptrend by making higher top - higher bottom formation on both daily and weekly chart.. However, If Nifty trade above the 5900 then we may see it tests the level of 5950/6000. There is an immediate support at 5870/5840 levels on the downside.

Action: Nifty maintains a buy on dip approach and expects targets of 5950 & 6000 levels.

Source : Equity Bulls

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