Nifty corrects 4.70% from recent high of 6229.45 - Microsec

After opening on a flat note, the benchmark Nifty fell to make a low of 6069.80 and then it rose to make a high of 6125.05 yesterday. At the end of day Nifty closed at 6104.30. It had a net loss of 6.95 points or 0.11% over the previous day's close. On the sectoral front, some buying interest was seen in Oil & gas, Health care, FMCG and Consumer durable stocks were on the buyers' radar. However, Realty, Metal, Banking and IT stocks traded lower.

Nifty has corrected almost 4.70% from its recent high of 6229.45 made on last Monday. Now it is expected to get a strong support at 5950. If it breaches this level, it may further go down to 5800 in the extreme short term. However, a breach of 6150 would open the gate for 6250 and then 6350 in the short term. Traders are advised to maintain a stop loss at 5950 of the long positions.

On an intra-day basis Nifty has a support at 6070 and is likely to face a stiff resistance near 6150. If Nifty breaks 6070, it may further go down to 6010 and then 5950. However, if it is able to sustain above 6150, the level of 6190 - 6250 would become the next target.

Source : Equity Bulls

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