Nifty closes up 106.65 points at 5448.10 - Microsec

After opening on a subdued note, the Nifty fell to make a low of 5318.90 and then it continuously rose to make an intra-day high of 5460.25 yesterday. At the end of day Nifty closed at 5448.10. It had a net gain of 106.65 points or 2.00% over the previous day's close. On the sectoral front, the buying was witnessed almost across the board. However, Metal, Auto, IT and Health care stocks were on the buyers' radar.

After making a low of 5118.05 on 28th August, the Nifty has given a pullback rally of almost 8.7 percent in four successive trading sessions. Now it is likely to move in the range of 5250 and 5600 in the short term. If it is able to maintain above 5600, an upward rally might carry it to 5780. However, a breach of 5250 is likely to take Nifty lower to 5020 in the short term.

On an intra-day basis Nifty has a support at 5400 and is likely to face a stiff resistance near 5510. If Nifty breaks 5400, it may further go down to 5350 and then 5300. However, if it is able to sustain above 5510, the level of 5560 - 5590 would become the next target.

Source : Equity Bulls

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