Holding above 5970 is key for Nifty to go higher - FINQUEST

Nifty opened weak and thereafter traded in a range witnessing alternative swings between the positive/ negative terrain thus hitting an intraday high at 6033 while marking the days low at 5979, before settling the session up by ~13 points at 6020.

Nifty witnessed a choppy session through the day thus forming a small bodied candle witnessing close above the psychological 6000 mark. On dips, index took support at levels around its 61.8% fall from 6142-5700 (i.e. 5973). Thus the view remains intact that sustenance above 5970 would keep the upward momentum intact whereby on upmove resistance is seen at 6085 followed by 6140. However break below 5970 could drag index lower towards 5950-5920.

Nifty for the day has support at 5970, breach of which could drag index lower towards 5950-5920 levels. Towards upside 6030 would act as resistance, above which it could edge higher towards 6050-6085 levels.

Holding above 5970 would enable Nifty to maintain its upward momentum towards 6085 followed by 6140.

Source : Equity Bulls

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