Nifty closes up 27.05 points at 5971.05 - Microsec

After opening on a subdued note, the benchmark Nifty fell to make a low of 5928.45 and then it continuously rose to make an intra-day high of 5976.50 yesterday. At the end of day Nifty closed at 5971.05. It had a net gain of 27.05 points or 0.46% over the previous day's close. On the sectoral front, some buying interest was witnessed in Metal, Auto, Information technology and Consumer durable stocks. However, FMCG, Capital goods and PSU stocks traded marginally lower.

The Nifty has given a pullback rally of almost 9.90% from its recent low of 5477.20 made on 10th April, 2013. No it is likely to face a stiff resistance near 6020. If it is able to maintain above this level, an upward rally might carry it to 6125 and then 6300 in the extreme short term. However, a breach of 5800 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 5950 and is likely to face a stiff resistance near 6020. If Nifty breaks 5960 it may further go down to 5920 and then 5870. However, if it is able to sustain above 6020, the level of 6050 - 6125 would become the next target.

Source : Equity Bulls

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