NIFTY closes at 6204.95, UP 15.60 points - Microsec

Yesterday we have seen a range bound and choppy movement of Indian equities. After opening on flat note, the Nifty rose to make a high of 6218.95 and then it fell to make a low of 6163.30. At the end of day Nifty closed at 6204.95. It had a net gain of 15.60 points or 0.25% over the previous day's close. On the sectoral front, some buying interest was seen in Realty, Metal, Power and Capital goods stocks. However, IT, and FMCF stocks traded marginally lower.

Nifty has given a smart pullback rally of almost 9% from its recent low 5700.95 made on 1st October, 2013. Now it is likely to face a stiff resistance near 6315. If Nifty breaches 6315, it may further go up to 6450. However, a breach of 6070 is likely to take Nifty lower to 5900 in the short term. We recommend holding long positions with stop loss of 6070.

On an intra-day basis Nifty has a support at 6150 and is likely to face a stiff resistance near 6240. If Nifty breaks 6150, it may further go down to 6110 and then 6070. However, if it is able to sustain above 6240, the level of 6280 - 6315 would become the next target.

Source : Equity Bulls

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