NIFTY closes at 5727.85, down 14.15 points - Microsec

After opening on a subdued note, the Nifty rose to make a high of 5808.50 and then it fell to make an intra-day low of 5676.85. At the end of day it closed at 5727.85. It had a net loss of 14.15 points or 0.25% over the previous day's close. On the sectoral front, some buying interest was seen in Banking stocks. However, Realty, Auto, Metal, PSU and Oil & gas 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 5780. If Nifty breaks 5700, it may further go down to 5670 and then 5640. However, if it is able to sustain above 5780, the level of 5800 – 5840 would become the next target.

Source : Equity Bulls

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