NIFTY down 41.30 points to close at 5857.55 - Microsec

After opening on a flat note, the Nifty rose to make a high of 5898.80 and then it fell to make a low of 5852.30 yesterday. At the end of day Nifty closed at 5857.55. It had a net loss of 41.30 points or 0.70% over the previous day's close. On the sectoral front, Consumer durable and Health care stocks traded marginally higher. Power, Realty, Oil & gas, Banking, Auto and PSU stocks lead to a decline.

The Nifty has given a smart pullback rally of 6.00% from its recent low of 5566.25 made on 24th June. Now Nifty is expected to face a stiff resistance of 5980. If Nifty breaches this level, the short term trend would become positive and Nifty may test 6250. However, if Nifty breaches 5750, it may further go down to 5600 in the extreme short term.

On an intra-day basis Nifty has a support at 5840 and is likely to face a stiff resistance near 5920. If Nifty breaks 5840, it may further go down to 5800 and then 5750. However, if it is able to sustain above 5920, the level of 5960 – 5980 would become the next target.

Source : Equity Bulls

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