Support for Nifty at 5950 for the coming week - Microsec

After starting with a green session, the benchmark Nifty rose to make a weekly high of 6133.75 on Thursday. However, some selling pressure was witnessed Friday and Nifty fell to make a weekly low of 5975.55 on Friday. At the end of week Nifty closed at 5985.95. It had a net gain of 0.04% over the previous week's close. On the sectoral front, some buying interest was witnessed in FMCG, Power, Consumer durable, Oil & gas and Auto stocks. However some selling pressure was seen in Realty, Metal, Banking and Capital goods stocks.

The Nifty has been moving in the range 5920 and 6230 since last four weeks. We expected this range bound movement would continue for another few days. If Nifty breaches 5920, the short term trend would become negative and it may further go down to 5800 in the extreme short term. However, a breach of 6230 would open the gate for 6350 in the near future. Traders are advised to maintain a stop loss at 5920 of the long positions.

For the coming week, first support of Nifty is at 5950 and the resistance is 6050. If Nifty breaks 5950, it may further go down to 5870 and then 5800. However, if Nifty is able to sustain above 6050, the level of 6140-6230 would become the next target.

Source : Equity Bulls

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