NIFTY closes up 124.05 points at 5409.05 - Microsec

After opening on a subdued note, the Nifty continuously rose to make an intra-day high of 5428.90. At the end of day it closed at 5409.05. It had a net gain of 124.05 points or 2.35% over the previous day's close. On the sectoral front, the buying was witnessed across the board. However, Oil & gas, FMCG, Metal, Auto and Capital goods stocks were on the buyers' radar.

After making a low of 5118.05 on Wednesday, the Nifty has given a pullback rally of almost 6 percent in last couple of days. Now Nifty is expected to get a stiff resistance near 5520. If Nifty is able to maintain above this level, an upward rally might carry it to 5750 in the short term. However, a breach of 5300 is likely to take Nifty lower to 5100.

On an intra-day basis Nifty has a support at 5350 and is likely to face a stiff resistance near 5460. If Nifty breaks 5350, it may further go down to 5300 and then 5250. However, if it is able to sustain above 5460, the level of 5490 – 5520 would become the next target.

Source : Equity Bulls

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