NIFTY down 19.85 points to close at 5919.45 - Microsec

After opening on a shaky note, the benchmark Nifty rose to make a high of 5981.60 and then it fell to make a low of 5910.25 yesterday. At the end of day Nifty closed at 5919.45. It had a net loss of 19.85 points or 0.29% over the previous day's close. On the sectoral front, some buying interest was seen in Health care, Capital goods, Power and FMCG stocks stocks. However, Banking, Realty, IT, Auto and Consumer durable stocks lead to a decline.

Nifty has corrected almost 5.10% from its recent high of 6229.45 made on 20th May. Now it is expected to get a strong support at 5900. If it breaches this level, it may further go down to 5800 in the extreme short term. However, a breach of 6050 would open the gate for 6250 and then 6350 in the short term. Traders are advised to maintain a stop loss at 5900 of the long positions.

On an intra-day basis Nifty has a support at 5900 and is likely to face a stiff resistance near 5980. If Nifty breaks 5900, it may further go down to 5870 and then 5800. However, if it is able to sustain above 5980, the level of 6010 - 6050 would become the next target.

Source : Equity Bulls

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