Nifty closes down 13.05 points at 5742 - Microsec

After opening on a shaky note, the Nifty continuously fell to make an intra-day low of 5675.75. At the end of day it closed at 5742.00. It had a net loss of 13.05 points or 0.23% over the previous day's close. On the sectoral front, some buying interest was witnessed in Metal, Oil & gas and Information technology stocks. However, Realty, Power, FMCG and Capital goods stocks lead to a decline.

Nifty has corrected almost 5.76% from its recent high of 6093.35 made on 23rd July, 2013. Now it is expected to get strong support at 5670. If Nifty breaches this level, it may further go down to 5570 in the short term. However a move above 5980 would open the gate for 6150. We recommend maintaining strict stop loss at 5670 of long positions.

An intra-day basis Nifty has a support at 5700 and is likely to face a stiff resistance near 5800. If Nifty breaks 5700, it may further go down to 5670 and then 5640. However, if it is able to sustain above 5800, the level of 5860 – 5920 would become the next target.

Source : Equity Bulls

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