NIFTY down 166.35 points at 5655.90 - Microsec

After giving gap down opening, Nifty traded in the negative territory throughout yesterday's trading session. At the end of day Nifty closed at 5655.90. It had a net loss of 166.35 points or 2.86% over the previous day's close. On the sectoral front, the selling was witnessed across the board. However, Realty, Metal, Banking and Oil & gas stocks leas to a decline.

Nifty has corrected almost 9.38% from its recent high of 6229.45 made on 20th May. Yesterday the bears created havoc in the market. Now we expect this downward movement would continue to 5500. However, a breach of 5750, Nifty may test 5980 in the short term.

On an intra-day basis Nifty has a support at 5600 and is likely to face a stiff resistance near 5700. If Nifty breaks 5600, it may further go down to 5550 and then 5500. However, if it is able to sustain above 5700, the level of 5720 – 5750 would become the next target.

Source : Equity Bulls

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