Nifty to consolidate - Aditya Birla Money

Nifty opened with a marginal upside gap but was unable to breach the gap zone at 5980 and thus fell lower towards the advocated support at 5930 before bouncing back once again to close almost flat for the day.

The overhead gap area at 5970 - 6020 zone is likely to pose strong hurdle to Nifty. Failure to breach past 6000 zone would keep the index range bound between 6000-5900.

Daily momentum is turning to give a negative crossover while weekly momentum is rising; conflicting momentum on two time frames indicates choppy price behaviour could be witnessed.

Overall, as long as the rising channel support at 5900 holds, the uptrend is likely to stay intact for an up move towards 6100 levels.

Nifty seems likely to consolidate in range bound manner between 6000 - 5900 levels.

Source : Equity Bulls

Keywords