NIFTY closes up 78.95 points at 5550.75 - Microsec

After opening on a subdued note, the Nifty continuously rose to make an intra-day high of 5564.90 yesterday. At the end of day Nifty closed at 5550.75. It had a net gain of 78.95 points or 1.44% over the previous day's close. On the sectoral front, the buying was witnessed across the board. However, Oil & gas, FMCG, Metal, Realty and Consumer durable stocks were on the buyers' radar.

After making a low of 5118.05 on Wednesday, the Nifty has given a pullback rally of almost 8.7 percent in four successive trading sessions. Yesterday bulls were able to manage Nifty above its crucial resistance of 5530. So we expect this rally would continue to 5750. However, a breach of 5450 is likely to take Nifty lower to 5200 in the short term.

On an intra-day basis Nifty has a support at 5510 and is likely to face a stiff resistance near 5600. If Nifty breaks 5510, it may further go down to 5470 and then 5450. However, if it is able to sustain above 5510, the level of 5530 – 5560 would become the next target.

Source : Equity Bulls

Keywords