Nifty to face stiff resistance from 5750-5800 levels - Bonanza

Nifty opened the week at 5480.25 levels and after making high of 5580.95 levels, it fell on the second day of the week to make a low of 5318.90. However, the remaining three sessions saw strong recovery from lower levels, and Nifty closed the week on a positive note at 5680.40 levels. Volumes were lower than previous week. After showing a hammer candlestick pattern in last week, now Nifty has made a bullish candlestick pattern, confirming near term rally. However, it is likely to face stiff resistance from 5750-5800 levels. Profit on rallies is expected in the coming week.

For trading during the coming sessions, trend deciding level is 5700. If Nifty shows strength above 5700 levels then we may see rally till 5750/5800/5850. If Nifty doesn’t maintain above 5700 levels then selling pressure till 5600/5550/5500 may also be seen.

Source : Equity Bulls

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