Nifty has support at 5600 on intra-day basis - Microsec

After opening on a shaky note, the benchmark Nifty traded in the negative territory throughout yesterday's trading session. At the end of day Nifty closed at 5672.90. It had a net loss of 75.20 points or 1.31% over the previous day's close. On the sectoral front, some selling pressure was seen in Realty, Auto, Metal, Oil & gas and Capital goods stocks. However, Health care and Power stocks traded marginally higher.

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 5600 and is likely to face a stiff resistance near 5700. If Nifty breaks 5600, it may further go down to 5570 and then 5540. However, if it is able to sustain above 5700, the level of 5720 – 5750 would become the next target.

Source : Equity Bulls

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