Nifty gains 25 points to close at 5922 - AXISDIRECT

Nifty opened the session on a flat note and traded with extreme volatility on either side however buying momentum in second half led index to close in green. Nifty closed at 5922 with 25 points gain.

With previous session positive close Nifty has ended its past eleven sessions consecutive down move forming a higher High-Low formation. On the daily chart Nifty has formed a bull candle coupled with high volumes indicating positive bias ahead. On hourly chart Nifty has witnessed a down sloping Trendline breakout as well as it has formed a higher Top and Bottom formation indicating pullback rally to continue. For the day Nifty is likely to accelerate further in the range of 5945-5965 levels. On the downside intraday supports are placed at 5900-5880 levels. A sustainable close above 5928 would accelerate pullback rally in the range of 5970-6000 level.

The daily as well as weekly strength indicator RSI is in bearish mode indicating weakening trend. The daily Stochastic has turned bullish from oversold zone which suggests a continuation of possible pull back rally.

The trend deciding level for the day is 5910, If NIFTY trades above this level then we may witness a further rally up to 5940-5955-5980 levels. However, if NIFTY trades below 5910 levels then we may see some profit booking initiating in the market, which may correct up to 5895-5870-5855 levels.

Stocks to focus for intraday Long: Tata Mot., Indusind Bk, Bhartiartl, Mcdowell, Lupin, Can Bk, Grasim.

Stocks to focus for intraday Short: Jindalstl, CESC, INFY, Adanient, Fintech

Source : Equity Bulls

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