Nifty settles higher by 24 points - Aditya Birla Money

NIFTY traded on a lacklustre note initially however gained ground in the second half and settled higher by 24 points last session.

Index is below the key 8-day EMA which indicates that shortterm trend is still down, however the hourly RSI (14) and MACD (12/26/9) are attempting to regain momentum.

Hence in the coming 1-2 sessions prices could witness a minor recovery towards resistance zone of 5950/5979 before weakening towards 5840 and even lower.

On the downside, support is seen near 5879.

Only an immediate fall below it will negate the recovery possibility and continue to keep the sentiments weak.

Minor recovery towards 5950/5970 zone seems possible initially, however if support at 5879 is breached then sentiment is likely to turn weak towards 5840 and even lower.

Source : Equity Bulls

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