NIFTY closes at 5892.45, up 2.70 points - Microsec

After opening on a shaky note, the Nifty fell to make a low of 5854.55 and then it rose to make a high of 5938.40 yesterday. At the end of day Nifty closed at 5892.45. It had a net loss of 2.70 points or 0.05% over the previous day's close. On the sectoral front, some buying interest was witnessed in Power, Auto, Health care and Capital goods stocks. However, Metal, IT and Oil & gas stocks traded lower.

Nifty has given a strong bullish rally of almost 20 % from its recent low of 5118.85 made on 18th August, 2013. Now Nifty is likely to move in the range of 5700 and 6135 in the short term. If Nifty is able to maintain above 6135 this level an upward rally might carry it to 6250 and then 6400 in the extreme short term. However, a breach of 5700 is likely to take Nifty lower to 5400 in the near future.

On an intra-day basis Nifty has a support at 5840 and is likely to face a stiff resistance near 5920. If Nifty breaks 5840, it may further go down to 5800 and then 5750. However, if it is able to sustain above 5920, the level of 5950 – 6010 would become the next target.

Source : Equity Bulls

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