NIFTY closes at 5973.30, UP 18.05 points - Microsec

After opening on a subdued note, the benchmark Nifty rose to make a high of 5989.80 and then it fell to make a low of 5926.75 yesterday. At the end of day Nifty closed at 5973.30. It had a net gain of 18.05 points or 0.30% over the previous day's close. On the sectoral front, some buying interest was seen in FMCG, IT, Oil & gas, Power and Consumer durable stocks. However, Banking, Metal, Auto and Realty pack traded lower.

Nifty has given a pullback rally of almost 8.48% from its recent low of 5566.25 made on 24th June. Now it is likely to move in the range of 6050 and 5800. If Nifty is able to maintain above 6050, an upward rally might carry it to 6140 and then 6250 in the short term. However a breach of 5800 would indicate the end of current rally and in that case Nifty may test 5600 in the extreme short term. We recommend holding long positions with stop loss of 5800.

On an intra-day basis Nifty has a support at 5910 and is likely to face a stiff resistance near 5990. If Nifty breaks 5900, it may further go down to 5870 and then 5800. However, if it is able to sustain above 5980, the level of 6010 – 6050 would become the next target.

Source : Equity Bulls

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