Nifty closes up 34.35 points - Microsec

After opening on a subdued note, the Nifty traded in the positive territory throughout the day of yesterday. At the end of day it closed at 5818.60. It had a net gain of 34.35 points or 0.59% over the previous day's close. On the sectoral front, the buying was witnessed in Realty, Metal, Information technology and Capital goods stocks. However, FMCG and Consumer durable stocks traded marginally lower.

Nifty has shed almost 7.3% from its recent high of 6111.80 made on 29th January, 2013. Now it is likely to move in the range of 5650 and 5860. If it breaks 5650, it may further go down to 5540 in the extreme short term. However, a breach of 5860 is likely to take Nifty higher to 5980. Traders are advised to maintain stop loss at 5650 of the long positions.

On an intra-day basis Nifty has a support at 5750 and is likely to face a stiff resistance near 5860. If Nifty breaks 5750, it may further go down to 5720 and then 5650. However, if it is able to sustain above 5860, the level of 5880 - 5910 would become the next target.

Source : Equity Bulls

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