Nifty closes down 20.40 points - Microsec

After opening on a shaky note, the Nifty rose to make a high of 5978.50 and then it continuously fell to make a low of 5927.60 yesterday. At the end of day Nifty closed at 5938.80. It had a net loss of 20.40 points or 0.34% over the previous day's close. On the sectoral front, some buy interest was witnessed in IT, FMCG and Auto stocks. However, Capital goods, Metal, Realty, Consumer durable and Power stocks lead to a decline.

The daily chart of Nifty is showing that it has been moving in the range of 5910 and 6115 since last one month. We expect this range bound movement would continue for another few days. If Nifty breaks 5910, it may further go down to 5820 and then 5750 in the short term. However, a breach of 6115 is likely to take Nifty higher to 6180 and then 6250 in the extreme short term. We recommend holding long positions with stop loss of 5910.

On an intra-day basis Nifty has a support at 5910 and is likely to face a stiff resistance near 5980. If Nifty breaks 5910, it may further go down to 5870 and then 5840. However, if it is able to sustain above 5980, the level of 6030 - 6070 would become the next target.

Source : Equity Bulls

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