Immediate Support for Nifty at 5890 - Microsec

Nifty opened marginally negative but kept on falling almost throughout the day. The breach of 5950 lead to a sharp decline and the index even went on to breach the 5900 level on an intra-day basis.

The immediate support for Nifty is at 5890 and a breach below this level is likely to take the index lower up to 5860, 5790 and finally 5700. On the other hand, resistance levels on the upside are 5970, 6050 and 6120.

Nifty Put Call ratio (OI) now stands at 0.84 with the total open interest in Call options at 905,526 lots and that in Put options at 764,637 lots.

Zee Entertainment, Idea Cellular, Havells India, IDFC and Asian Paints appear strong while Raymond, NMDC Ltd, Colgate-Palmolive and Reliance Power are likely to remain weak.

Volatility Index fell by 1.12% from 16.91 to 16.72

Source : Equity Bulls

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