Nifty closes at 5748.10, up by 43.70 points - Microsec

After opening on a subdued note, the benchmark Nifty fell to make a low of 5687.15 and then it rose to make a high of 5754.60. At the end of day Nifty closed at 5748.10. It had a net gain of 43.70 points or 0.77% over the previous day's close. The buying was witnessed across the board. However, Metal, Oil & gas, PSU, Health care and Capital goods stocks were on the buyers' radar.

The daily chart of Nifty is showing that it has given a correction of almost 6.2% since last twenty days. Now it is expected to get a strong support in 5600-5540 band. If it breaches this level, it may further go down to 5450 in the short term. However, a breach of 5820 would indicate the reversal of current trend and in that case Nifty may test 5980 in the extreme short term.

On an intra-day basis Nifty has a support at 5720 and is likely to face a stiff resistance near 5790. If Nifty breaks 5720, it may further go down to 5670 and then 5600. However, if it is able to sustain above 5790, the level of 5820 - 5880 would become the next target.

Source : Equity Bulls

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