NIFTY closes up 66.05 points at 5836.95 - Microsec

After opening on a subdued note, the Nifty continuously rose to make an intra-day high of 5848.30. At the end of day it closed at 5836.95. It had a net gain of 66.05 points or 1.14% over the previous day's close. On the sectoral front, IT, FMCG, Realty and Consumer durable stocks were on the buyers' radar. However, Metal stocks traded marginally lower.

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 trade in the range of 5660 and 5980 in the short term. If Nifty breaches 5980, the short term trend would become positive and Nifty may test 6250. However, if Nifty breaches 5660, it may further go down to 5600 and then 5470 in the extreme short term.

On an intra-day basis Nifty has a support at 5800 and is likely to face a stiff resistance near 5890. If Nifty breaks 5800, it may further go down to 5750 and then 5720. However, if it is able to sustain above 5890, the level of 5920 - 5980 would become the next target.

Source : Equity Bulls

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