Nifty has support at 5610 - Microsec

After starting with a green session, the benchmark Nifty fell to make a weekly low of 5318.90 on Wednesday. However a sharp pullback rally was seen from Thursday and Nifty rose to make a high of 5688.50 on Friday. At the end of week Nifty closed at 5680.40. It had a net gain of 3.81% over the previous week's close. On the sectoral front, Banking, Oil & gas, PSU, Metal and Capital goods stocks were on the buyers' radar. However, IT stocks traded lower.

The Nifty has given a smart pullback rally of almost 11.14 percent since last eight trading sessions. Now it is likely to face a stiff resistance near 5850. If Nifty is able to maintain above this level an upward rally might carry it to 6000 and then 62.50 in the extreme short term. However a breach of 5500 is likely to take Nifty lower to 5400.

For the coming week, first support of Nifty is at 5610 and the resistance is 5750. If Nifty breaks 5610, it may further go down to 5550 and then 5500. However, if Nifty is able to sustain above 5750, the level of 5780-5850 would become the next target.

Source : Equity Bulls

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