Nifty has immediate support at 5960 - ICICIdirect

Nifty: The Nifty has immediate support at 5960, below which momentum long positions could start to fizzle out. However, on a positional basis, 5870-5820 remains the key support. On the higher side, we reiterate our target of 6100

Bank Nifty: As stated, the index moved above 12510. It started to trade with a positive bias. We reiterate our positive stance on the stock for an eventual target of 13000/13200 as the Bank Nifty/Nifty ratio is trading at all-time high levels. Whenever such a high is made, banking sector outperformance continues Stock OI activity.

Among stock specifics, we saw stocks like BPCL and ONGC from the oil and gas space seeing sharp short covering trend. Metal stocks like Sterlite, Hindalco and Tata Steel saw long build up. In the banking space, most of the PSU stocks saw fresh OI addition with the up move in the stock price.

Source : Equity Bulls

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