Later half buying led Nifty to close higher at 6002 - Axis Direct

Nifty opened the session on a flat note and selling pressure in initial hour led Nifty to mark a day low around 5964 level. However later half buying momentum led Nifty to closed higher at 6002 with 13 points gain.

On the daily chart Nifty has formed a small bull candle with lower shadow indicating buying support at lower levels. Nifty has closed at higher end of the range which suggests positive bias. This buying momentum has witnessed around the bullish gap area support of 5977-5963 levels. Nifty has formed a small bull candle and has closed above the Up sloping Trendline support of 5972. At current levels Index is holding its previous high of 5965 which remains a crucial support. The near term and medium term trend remains bullish and Nifty may rally in the range of 6050-6180 levels. For the day if Nifty above previous session high then it may test 6025-6045 levels. Intraday support is placed at 5980-5960 levels. Short term traders are advised to use short term correction as a buying opportunity.

The daily strength indicator RSI has turned up from its reference line which signals rising strength. However the daily momentum Oscillator - Stochastic is in bearish mode indicating loss of momentum.

The trend deciding level for the day is 5990, If NIFTY trades above this level then we may witness a further rally up to 6020-6035-6060 levels. However, if NIFTY trades below 5990 levels then we may see some profit booking initiating in the market, which may correct up to 5975-5950-5930 levels.

Stocks to focus for intraday Long: Pantaloon Ret., Ind.Cem. Bhel, Syndicate Bk., IRB, Cipla, SBIN, STAR, RELINFRA

Stocks to focus for intraday Short: Karurvysya Bk., Wipro, TataSteel, Divis Lab., SesaGoa

Source : Equity Bulls

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