Nifty closes up at 6020.95 - Microsec

Yesterday we have seen a range bound and choppy movement of Indian equities. After opening on flat note, the Nifty fell to make a low of 5979.80 and then it rose to make a high of 6033.95. At the end of day it closed at 6020.95. It had a net gain of 13.60 points or 0.22% over the previous day's close. On the sectoral front, some buying interest was seen in Auto, Health care, Metal, IT and PSU stocks. However, Consumer durable and Banking stocks traded marginally lower.

Nifty has given a smart pullback rally of almost 5.50% from its recent low 5700.95 made on 1st October, 2013. Now we expect this rally to continue to 6150. If Nifty breaches 6150 level, it may further go up to 6250. However, a breach of 5900 would indicate the end of current rally and in that case Nifty may test 5700 in the extreme short term.

On an intra-day basis Nifty has a support at 5950 and is likely to face a stiff resistance near 6045. If Nifty breaks 5950, it may further go down to 5920 and then 5900. However, if it is able to sustain above 6045, the level of 6090 – 6150 would become the next target.

Source : Equity Bulls

Keywords