NIFTY down 126.80 points at 5980.45 - Microsec

After opening on a subdued note, the benchmark Nifty rose to make an intra-day high of 6104.95 and then it continuously fell to make a low of 5972.90 yesterday. At the end of day Nifty closed at 5980.45. It had a net loss of 126.80 points or 2.08% over the previous day's close. The selling was witnessed across the board. However, FMCG, Capital goods, Metal, Auto and Technology stocks lead to a decline.

The Nifty has given a pullback rally of almost 11.50% from its recent low of 5477.20 made on 10th April, 2013. Now it is expected to get stiff resistance at 6125. Yesterday the bears created havoc in the market. Now the crucial support of Nifty is at 5950. If it breaches this level, it may further go down to 5800 in the extreme short term. However, a breach of 6125 would open the gate for 6250. Traders are advised to maintain a stop loss at 5950 of the long positions.

On an intra-day basis Nifty has a support at 5950 and is likely to face a stiff resistance near 6010. If Nifty breaks 5950 it may further go down to 5910 and then 5870. However, if it is able to sustain above 6010, the level of 6050 - 6125 would become the next target.

Source : Equity Bulls

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