Nifty loses 1.25% in last week - Microsec

After starting with a green session, the benchmark Nifty rose to make a weekly high of 6111.80 on Tuesday and then it continuously fell to make a weekly low of 5983.20 on Friday of last week. At the end of week Nifty closed at 5998.90. It had a net loss of 1.25% over the previous week's close.

The daily chart of Nifty is showing that it has given a positive rally of almost 9% in a time span of two months. The short term trend of Nifty is still looking positive and it is likely to test 6180 in the extreme short term. However a breach of 5900 would indicate the end of current rally and in that case Nifty may go down to 5820 and then 5650 in the short term. We recommend holding long positions with stop loss of 5900.

For the coming week, first support of Nifty is at 5950 and the resistance is 6090. If Nifty breaks 5950, it may further go down to 5910 and then 5820. However, if Nifty is able to sustain above 6090, the level of 6120-6180 would become the next target.

Source : Equity Bulls

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