Nifty closes at 6045.85, down by 43.20 points - Microsec

After opening on flat note, the Nifty rose to make a high of 6110.75 and then it continuously fell to make a low of 6032.55 yesterday. At the end of day it closed at 6045.85. It had a net loss of 43.20 points or 0.71% over the previous day's close. On the sectoral front, some buying interest was seen in Oil & gas and FMCG stocks. However, IT, Realty, Capital goods and Auto stocks lead to a decline.

Nifty has given a smart pullback rally of almost 8% from its recent low 5700.95 made on 1st October, 2013. Now it is likely to face a stiff resistance near 6155. If Nifty breaches 6155, it may further go up to 6250. However, some leading indicators (like RSI & Stochastic) made negative divergence in daily chart of Nifty. So a correction to 5900 is expected in extreme short term. We recommend booking profits of long positions at current level and the fresh long positions can be initiated only above 6155.

On an intra-day basis Nifty has a support at 6010 and is likely to face a stiff resistance near 6180. If Nifty breaks 6010, it may further go down to 5970 and then 5950. However, if it is able to sustain above 6080, the level of 6110 - 6155 would become the next target.

Source : Equity Bulls

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