Nifty closes down 21.20 points - Microsec

After opening on a subdued note, the Nifty rose to make an intra-day high of 5712.00 and then it continuously fell to make a low of 5663.60 yesterday. At the end of day Nifty closed at 5698.50. It had a net loss of 21.20 points or 0.37% over the previous day's close.

On the sectoral front, selling pressure was seen in Realty, Capital goods, Metal, PSU and Consumer durable stocks. However, banking stocks traded marginally lower. Nifty has shed almost 7.3% from its recent high of 6111.80 made on 29th January, 2013. We expect this downward movement of Nifty would continue for another few days. The short term crucial support of Nifty is at 5540. If it breaks this level, it may further go down to 5450 in the extreme short term. However, a breach of 5820 would indicate the reversal of current trend and in that case Nifty may test 5980. Traders are advised to maintain stop loss at 5540 of the long positions.

On an intra-day basis Nifty has a support at 5650 and is likely to face a stiff resistance near 5720. If Nifty breaks 5650, it may further go down to 5610 and then 5540. However, if it is able to sustain above 5720, the level of 5750 - 5790 would become the next target.

Source : Equity Bulls

Keywords