Nifty closes down 10.30 points at 5542.95 - 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 5542.95. It had a net loss of 10.30 points or 1.19% 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 5530 band. If it breaches this level, it may further go down to 5440 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 5520 and is likely to face a stiff resistance near 5580. If Nifty breaks 5520, it may further go down to 5470 and then 5440. However, if it is able to sustain above 5580, the level of 5620 - 5440 would become the next target.

Source : Equity Bulls

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