Nifty has support at 5910 for the day - FINQUEST

Nifty plunged after opening weak, marking days low at 5883 from wherein prices though bounced but remained in negative. The upmove was shortlived as index again drifted lower however in afternoon prices surged in positive whereby after hitting days high at 5935 remained sideways, finally settling up by ~4 pts at 5923.

Nifty formed a consecutive fourth lower high-lower low candle, however settled the session in positive. Nifty though initially plunged but took support around its 50 dma (i.e. 5877) and bounced. Thus going ahead support on downmove is seen around 5877-5850; holding above the same could enable Nifty to witness a rebound towards 5980-6000 on breach above 5940-5948 (i.e. 38.2% retracement of 5477-6229 and 50 dema).

Nifty for the day has support at 5910, breach of which could drag index lower towards 5877-5850 levels. Towards upside 5948 would act as resistance, above which it could edge higher towards 5980-6010 levels.

Source : Equity Bulls

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