Nifty upmove resistance seen at 6220 - FINQUEST

Nifty started with a gap up opening and surged to hit the days high at 6218, but failed to sustain and plunged. Index thereafter witnessed wide swings between negative/ positive zone but was yet again sold off in mid-afternoon to mark fresh low of 6163, from herein it bounced in green, finally settling up by ~15 points at 6204.

Nifty maintained its upward trajectory witnessing close above the psychological 6200 mark. Index formed a Doji candlestick pattern thus going ahead, breach and sustenance above Doji high (i.e. 6219) would enable prices to continue its surge towards 6250 followed by 6310. However failure to do so Nifty would invite sideways movement whereby support is seen at 6170-6160 followed by 6130.

Nifty for the day has support at 6160, breach of which could drag index lower towards 6130-6090 levels. Towards upside 6220 would act as resistance, above which it could edge higher towards 6250-6310 levels.

Resistance on upmove is seen at 6220, breach above which would enable Nifty to surge towards 6250/6310, else would trade sideways with support at 6160-6130.

Source : Equity Bulls

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