Nifty to face resistance at 6020 - FINQUEST

Nifty started the week with a gap-down opening and thereafter plunged marking an intraweek low at 5775, wherein prices took support. Index hereon reversed direction and after some consolidation sharply bounced hitting fresh intra-week high at 6019, finally settling the week up by ~2.4% at 6009.

Nifty formed a bullish weekly candle witnessing close near the weekly high above its psychological 6000-mark. Going ahead, on higher side resistance is seen at 6020 level, move above which would enable Nifty to maintain its upward momentum and edge higher towards 6080 followed by 6125 level. Whereas for the coming session 5975-5950 on the lower side would act as crucial support zone.

Nifty for the day has support at 5975, breach of which could drag index lower towards 5950-5900 levels. Towards upside 6020 would act as resistance, above which it could edge higher towards 6080-6125 levels.

Resistance on upmove is seen at 6020, if breached rally to march higher towards 6050-6080, else would invite sideways movement.

Source : Equity Bulls

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