NIFTY UP 46.00 points at 6077.80 - Microsec

After opening on a flat note, the Nifty traded in the positive territory throughout yesterday's trading session. At the end of day it closed at 6077.80. It had a net gain of 46.00 points or 0.76% over the previous day's close. The buying was witnessed across the board. However, FMCG, Realty, Banking and Consumer durable stocks were on the buyers' radar.

Nifty has given a pullback rally of almost 9.5% from its recent low of 5566.25 made on 24th June. Now it is likely to move in the range of 6150 and 5900. If Nifty is able to maintain above 6150, an upward rally might carry it to 6250 in the short term. However a breach of 5900 would indicate the end of current rally and in that case Nifty may test 5800 and then 5650 in the extreme short term. We recommend holding long positions with stop loss of 5900.

On an intra-day basis Nifty has a support at 6020 and is likely to face a stiff resistance near 6090. If Nifty breaks 6020, it may further go down to 5970 and then 5940. However, if it is able to sustain above 6070, the level of 6110 – 6150 would become the next target.

Source : Equity Bulls

Keywords