Nifty has support at 6030 - Microsec

After opening on a subdued note, the benchmark Nifty fell to make a low of 6021.15 and then it rose to make a high of 6069.80. At the end of day Nifty closed at 6054.30. It had a net gain of 5.80 points or 0.10% over the previous day's close. On the sectoral front, some buy interest was witnessed in Capital goods and Banking stocks. However, Realty, Auto, Metal, PSU and Consumer durable stocks traded lower.

The daily chart of Nifty is showing that it has given a strong bullish rally of almost 9.80% in a time span of two months. We expect this rally would continue to 6180. 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 6030 and is likely to face a stiff resistance near 6120. If Nifty breaks 6030, it may further go down to 6010 and then 5970. However, if it is able to sustain above 6120, the level of 6160 - 6180 would become the next target.

Source : Equity Bulls

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