Support for Nifty at 5750 and resistance is 5850 - Microsec

After starting with a red session, the benchmark Nifty fell to make a weekly low of 5683.10 on Thursday. At the end of week Nifty closed at 5804.04. It had a net loss of 1.23% over the previous week's close. On the sectoral front, the selling was witnessed across the board. However Realty, Metal, Banking, PSU and Consumer durable stocks lead to a decline.

The Nifty has corrected almost 8.76% since last three weeks. Now it is expected to get a strong support near 5660. If Nifty breaches this level, the short term trend would become negative and it may further go down to 5440 in the near future. However, Nifty has made a trend reversal pattern on last Friday. So there is a possibility that it may test 5970 in the extreme short term.

For the coming week, first support of Nifty is at 5750 and the resistance is 5850. If Nifty breaks 5750, it may further go down to 5700 and then 5660. However, if Nifty is able to sustain above 5850, the level of 5910-5970 would become the next target.

Source : Equity Bulls

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