NIFTY closes up 129.65 points at 5909.70 - Microsec

After opening on a subdued note, the Nifty traded in the positive territory throughout yesterday's trading session. At the end of day it closed at 5909.70. It had a net gain of 129.65 points or 2.24% over the previous day's close. On the sectoral front, Metal, Banking, Information technology, Oil & gas and Capital goods stocks were on the buyers' radar. However, FMCG stocks traded marginally lower.

After making a low of 5700.95 on Monday, Nifty has given a sharp pullback rally of almost 3.84% in couple of sessions. Now it is likely to move in the range of 5980 and 5700. If Nifty breaches 5700 level, it may further go down and take support near 5460 in the extreme short term. However a breach of 5980 would open the gate for 5950 and then 6150 in the near future.

On an intra-day basis Nifty has a support at 5870 and is likely to face a stiff resistance near 5950. If Nifty breaks 5870, it may further go down to 5840 and then 5800. However, if it is able to sustain above 5950, the level of 5980 - 6025 would become the next target.

Source : Equity Bulls

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