Nifty closes up 32.65 points - Microsec

After opening on a subdued note, the benchmark Nifty continuously rose to make an intra-day high of 5918.65 yesterday. At the end of day it closed at 5904.10. It had a net gain of 32.65 points or 0.56% over the previous day's close. On the sectoral front, FMCG, Realty, Power, Information technology and Consumer durable stocks were on the buyers' radar. However, Metal & Health care traded lower.

The Nifty has given a pullback rally of almost 8.15% from its recent low of 5477.20 made on 10th April, 2013. We expect this rally would continue for another few days. The immediate crucial resistance of Nifty is at 5980. If it is able to maintain above this level, an upward rally might carry it to 6125 in the extreme short term. However, a breach of 5750 would indicate the end of current rally and in that case Nifty may test 5500.

On an intra-day basis Nifty has a support at 5880 and is likely to face a stiff resistance near 5950. If Nifty breaks 5880, it may further go down to 5840 and then 5800. However, if it is able to sustain above 5950, the level of 5980 - 6000 would become the next target.

Source : Equity Bulls

Keywords