Nifty has support at 6010 - Microsec

After opening on a subdued note, the Nifty fell to make a low of 6001.25 and then it continuously rose to make a high of 6053.20 yesterday. At the end of day Nifty closed at 6001.85. It had a net gain of 37.35 points or 0.0.62% over the previous day's close. On the sectoral front, some buying interest was seen in Oil & gas, Realty, PSU and Information technology stocks. However Health care and Capital goods stocks traded marginally lower.

The daily chart of Nifty is showing that it has given a strong bullish rally of almost 9.00% in a time span of two months. Now it is expected to face a stiff resistance near 6070 and a breach of this level is likely to take Nifty higher to 6180 in the extreme short term. However, if Nifty breaks 5910, it may further go down to 5820 and then 5750 in the short term. We recommend holding long positions with stop loss of 5910.

On an intra-day basis Nifty has a support at 6010 and is likely to face a stiff resistance near 6070. If Nifty breaks 6010, it may further go down to 5950 and then 5910. However, if it is able to sustain above 6070, the level of 6120 - 6180 would become the next target.

Source : Equity Bulls

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