NIFTY closes at 5285.00, DOWN 2.45 points - Microsec

After opening on a shaky note, the Nifty fell to make an intra-day low of 5118.85 yesterday. However, a strong pullback rally was witnessed towards the afternoon session and Nifty continuously rose to make a high of 5317.70. At the end of day it closed at 5285.00. It had a net loss of 2.45 points or 0.05% over the previous day's close. On the sectoral front, some buying interest was seen in IT, Metal, Power and Health care stocks. However, Realty, Banking, Oil & gas and Consumer durable stocks traded lower.

Nifty has corrected almost 13.54 % from its recent high of 6093.35 made on 23rd July, 2013. Now Nifty is expected to get a strong support near 5180. If Nifty breaches 5180, the short term trend would become negative and it may test 5020 and then 4900 in the short term. However, a close above 5510 is likely to take Nifty higher to 5670. We recommend maintaining a strict stop loss at 5180 of the long positions.

On an intra-day basis Nifty has a support at 5250 and is likely to face a stiff resistance near 5310. If Nifty breaks 5250, it may further go down to 5220 and then 5180. However, if it is able to sustain above 5310, the level of 5340 – 5370 would become the next target.

Source : Equity Bulls

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