Nifty support seen at 5870 and resistance at 5950 - Microsec

After starting with a subdued session, the benchmark Nifty rose to make a high of 5969.50 and then it fell to make a weekly low of 5853.90 on Friday of last week. At the end of week Nifty closed at 5887.40. It had a net loss of 0.27% over the previous week's close. On the sectoral front, selling pressure was witnessed in Consumer durable, Power, Realty and Metal stocks. However, IT, PSU and Auto stocks traded marginally higher.

The Nifty has shed almost 3.70% from its recent peak of 6111.80 made on 29th January, 2013. Now it is expected to get a strong support near 5800. If Nifty breaches this level, the short term trend would become negative and in that case Nifty may further go down to 5650 in the short term. We recommend holding positions with stop loss of 5800.

For the coming week, first support of Nifty is at 5870 and the resistance is 5950. If Nifty breaks 5870, it may further go down to 5840 and then 5800. However, if Nifty is able to sustain above 5950, the level of 6030-6120 would become the next target.

Source : Equity Bulls

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