Nifty likely to move in the range of 5720 and 6100 - Microsec

After giving a gap up opening, the benchmark Nifty rose to make a high of 5932.00 on Thursday. At the end of week Nifty closed at 5850.60. It had a net gain of 3.00% over the previous week's close. On the sectoral front, Realty, Auto, Power, Metal and Capital goods stocks were on the buyers' radar. However, IT stocks traded marginally lower.

The Nifty has given a smart pullback rally of almost 15.90 percent since last fifteen days. Now it is likely to move in the range of 5750 and 6100 in the short term. If Nifty is able to maintain above 6100 an upward rally might carry it to 6250 in the extreme short term. However a breach of 5720 is likely to take Nifty lower to 5600 and then 5400.

For the coming week, first support of Nifty is at 5800 and the resistance is 5920. If Nifty breaks 5800, it may further go down to 5770 and then 5720. However, if Nifty is able to sustain above 5920, the level of 6010-6100 would become the next target.

Source : Equity Bulls

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