Nifty finds support on the neckline of head and shoulder formation - Religare

Nifty opened higher with a gap of around 25 points, soon after the gap up opening profit taking was witnessed and the index filled the entire opening gap. Thereafter traded between 5850-5880 for most part of the trading session till this range was breached on the down side, resultant the index fell further to form intraday low at 5819.3 levels. Failing to revive from these losses, the index closed near the day's lowest levels at 5833.2. On Friday, FMCG, Oil&Gas and IT indices performed well while Bankex, Realty and Metal were among the top losers at the BSE sectorial front.

Nifty has been trading with in a range of 5850-5950, this range has been breached on the down side. On Friday, Nifty found support on the neckline of the head and shoulder formation on the intraday chart (5800-5820) any further fall below this range will take the index towards the next support territory (5680-5700) levels.

Source : Equity Bulls

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