Nifty closes at 5704.40 - Religare

Nifty opened slightly in green and surged further northward in continuation to last session's rebound but failed in sustaining above 5700 mark. It traded range bound within 5675-5720 levels till the end and finally closed marginally on the positive side to conclude the day.

On sectoral front, Realty pivot clearly outshined the others as it has gained more than five % in a muted session; followed by Capital goods and Power. Beside, we have seen tremendous improvement in the market breadth but volume remained comparatively low on the cash front indicating chaos among market participants.

Technically, it has tested 200 EMA on the daily chart today and rebounded thereafter but one should wait for sustainability to continue above long term average in the near future that may induce confidence among the participants. At the same time, one should be strict with stop losses and keep a check on position sizing to avoid unmanageable loss that may result due to the prevailing choppy move across the board.

Source : Equity Bulls

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