NIFTY closes up 22.35 points at 5928.40 - Microsec

After giving a gap up opening, the Nifty traded in the positive territory throughout yesterday's trading session. At the end of day it closed at 5928.40. It had a net gain of 22.35 points or 0.38% over the previous day's close. On the sectoral front, Realty, FMCG, Power, Banking and Capital goods stocks were on the buyers' radar. However, Metal and IT stocks traded marginally lower.

The daily chart of Nifty is showing that it has been moving in the range of 5700 and 5980 since last few days. We expect this range bound movement to continue for another few days. 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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