Nifty loses 2.98% in last week - Microsec

After opening with a red session, the benchmark Nifty fell to make a low of 5811.10 on Thursday. At the end of week Nifty closed at 5833.20. It had a net loss of 2.98% over the previous week's close. On the sectoral front, some buying interest was seen in Information technology stocks. However, Realty, Banking, PSU, Oil & gas and Capital goods stocks lead to a decline.

The Nifty has given a smart pullback rally of almost 20 percent since last twenty days. Now it is likely to move in the range of 5700 and 6030 in the short term. If Nifty breaches 5700, it may further go down to 5600 and then 5400. However a breach of 6030 would open the gate for 6150. We recommend holding long positions with a stop loss of 5700.

For the coming week, first support of Nifty is at 5750 and the resistance is 5900. If Nifty breaks 5750, it may further go down to 5700 and then 5650. However, if Nifty is able to sustain above 5900, the level of 5950-6040 would become the next target.

Source : Equity Bulls

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