NIFTY closes down 42.30 points at 5816.70 - Microsec

After opening on a flat note, the Nifty rose to make a high of 5879.35 and then it fell to make a low of 5802.85 yesterday. At the end of day it closed at 5816.70. It had a net loss of 42.30 points or 0.72% over the previous day's close. On the sectoral front, some the buying was witnessed in IT and Health care stocks. However, Auto, Realty, Capital goods and Oil & gas stocks lead to a decline.

Nifty has given a smart pullback rally of 6.00% from its recent low of 5566.25 made on 24th June. Now it 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 5880. If Nifty breaks 5800, it may further go down to 5750 and then 5720. However, if it is able to sustain above 5880, the level of 5920 - 5980 would become the next target.

Source : Equity Bulls

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