Nifty likely to trade in the range of 5700 and 6040 - Microsec

After starting with a red session, the Nifty fell to make a weekly low of 5811.10 on Thursday. At last it ended the week with a net loss of 2.98 percent. On the sectoral front, some buying interest was seen in Information technology and Health care stocks. However, Realty, Banking, Oil & gas and Capital goods stocks lead to a decline.

Now, Nifty is likely to move in the range of 5700 and 6030 and a breach of 6030 would open the gate for 6150 in the extreme short term.

Indian markets consolidates during the week after the volatility it experienced post the repo rate hike by the newly appointed RBI governor in the last monetary policy.

On domestic front, India's Foreign Exchange Reserves posted the biggest weekly rise in nearly two years following the Reserve Bank of India's concessional swap facilities offered to banks. Forex reserves rose by USD2.03 billion to USD277.38 billion in the week ended September 20, 2013.

India's cumulative seasonal rainfall for the country as a whole till September 25, 2013 was 5 percent above the LPA. The cumulative seasonal rainfall activity continued to be excess over all the four homogeneous regions except east & northeast India, where it was 29 percent below LPA.

Source : Equity Bulls

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