Nifty Technical Outlook - February 7, 2013 - Equentis Capital

As we express in our market view on 01 February 2013 that the Benchmark index Nifty closed below its important support of 6043 in range bound trading session. Market seems to be correct below 6042 till its next support of 5980 - 5955 and at present market performing in the negative direction. Market wide open interest positions indicate market may have upside range of 6300 and down side range of 5700 for the month.

Technically we are expecting that the Nifty may find its next reversal point (support) below 5780 and may reverse from 5780 to 5750 range, as Nifty finding strong support @ 5955 on weekly charts, below 5955 nifty may extend its down ward move till 5720 levels. Market may test new highs in this rally if sustain above 6054. Nifty find resistance at 5982 - 6005 - 6020 and supports at 5944 - 5930 - 5906 for the day.

Positional Sell NIFTY (Cash Levels) below 5960 keep stop loss of 5990 for the target of 5920 - 5855. Buy NIFTY (Cash) if maintain above 5980 keep stop loss of 5960 for the target of 6055- 6080-6120.

Source : Equity Bulls

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