Nifty supports placed at 5820 and 5790 levels - Religare

Nifty futures opened flat and ended at the same levels trading in a narrow range with some recovery in select sectors. India VIX contracted by 0.9% to close at 16.79 levels. Nifty futures closed up by 0.5 points at 5853.95 with a premium of 3.65 point to the spot closing of 5850.30.

There was a flat move with some short covering in telecom, realty and power sectors while other sectors remained flat to negative. The rollover activity has started with an average of 5% in sectors and will pick up in the coming week. Cement, Technology and Telecom sectors gained the maximum open interest.

Nifty futures have closed in a Doji pattern at the bottom of the support levels of 5850, bracing for a fresh trigger to break either side. With the derivatives expiry next week and the budget markets are expected to be volatile. The immediate resistances are placed at 5900 and 5940 levels while on the downside supports are placed at 5820 and 5790 levels.

Source : Equity Bulls

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