5960 may act as good support level for Nifty - Axis Direct

Markets ended higher after a late recovery led by realty, FMCG, healthcare and power stocks. Asian stocks dropped ahead of the beginning of the earnings season in the United States, the world's biggest economy.

Nifty Futures closed at 6043 gaining 0.3% with 1.9% decrease in open interest along with 53.1% increase in volumes.

Nifty futures closed with 41.6 points premium as compared to 35.3 points premium in previous trading session. FII's were buyers in Index Futures to the tune of 54 crores and were buyers in index options to the tune of 295 crores, Stock Futures were sold to the tune of 240 crores.

FII's were net sellers in derivatives segment to the tune of 26 crores compared to selling of 226 crores in previous trading session.

Derivative segment saw 34% increase in turnover as compared to previous trading session.

Nifty futures witnessed increase in price with decrease in open interest and higher volumes indicating covering of short positions. Markets are expected to trade rangebound with buying activity to continue at lower levels Nifty may face resistance around 6070 levels while 5960 may act as good support level.

Source : Equity Bulls

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