NIFTY closes at 5735.30, down 97.90 points - Microsec

After opening on a shaky note, the Nifty traded in the negative territory throughout yesterday's trading session. At the end of day it closed at 5735.30. It had a net loss of 97.90 points or 1.68% over the previous day's close. On the sectoral front, some huge selling pressure was witnessed in Banking, Metal, Realty, PSU and Capital goods stocks. However, IT stocks traded marginally higher.

Nifty has corrected almost 6.90 % from its recent high of 6142.50 made on 19th September, 2013. Now it is likely to get a strong support near 5600. If Nifty breaches this level, it may further go down and take support near 5460 in the extreme short term. However a breach of 5840 would open the gate for 5950 and then 6150 in the near future.

On an intra-day basis Nifty has a support at 5680 and is likely to face a stiff resistance near 5760. If Nifty breaks 5680, it may further go down to 5640 and then 5600. However, if it is able to sustain above 5760, the level of 5790 - 5840 would become the next target.

Source : Equity Bulls

Keywords