Nifty faced resistance at 6040 - Aditya Birla Money

NIFTY traded on a positive note initially however faced resistance near 6040 and turned lower to close with a loss of 12 points last session.

Momentum in the hourly RSI (14) and MACD (12/26/9) is still weak and leaves scope for further dips towards support near 5940 in the coming 1-2 sessions.

On the higher side, stiff resistance is likely to be seen at the 8-day EMA near 6038 on any bounce back.

Overall 5960/5940 zone formed by the 40-day EMA and medium-term rising trend line is a strong support. Hence on further dips index could find support there and attempt a bounce back towards 6070/6100 levels eventually.

Failure to find support could aggravate the selling and push index further lower towards 5850/5800.

Source : Equity Bulls

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