For the coming week, first support of Nifty is at 5970 and the resistance is 6090 - Microsec

After starting with a green session, the benchmark Nifty fell to make a weekly low of 5910.95 on Tuesday and then it rose to make a weekly high of 6066.85 on Friday. At the end of week Nifty closed at 6029.20. It had a net gain of 0.34% over the previous week's close. On the sectoral front, some buying interest was seen in FMCG, Auto, Oil & gas and Information technology stocks. However Realty, Metal, Banking and Capital goods stocks traded lower.

The Nifty has given a pullback rally of almost 8.90 percent from its recent low of 5570.25 made on 25th June, 2012. Now it is likely to move in the range of 5800 and 6150 in the short term. If Nifty breaches 5800, the short term trend would become negative and it may further go down to 5600 in the near future. However, a breach of 6150 would open the gate for 6250 in the extreme short term.

For the coming week, first support of Nifty is at 5970 and the resistance is 6090. If Nifty breaks 5970, it may further go down to 5900 and then 5800. However, if Nifty is able to sustain above 6090, the level of 6150-6250 would become the next target.

Source : Equity Bulls

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