NIFTY closes at 6178.35, down 24.45 points - Microsec

After opening on flat note, the Nifty rose to make a high of 6217.95 and then it continuously fell to make a low of 6116.60 yesterday. At the end of day Nifty closed at 6178.35. It had a net loss of 24.45 points or 0.39% over the previous day's close. On the sectoral front, some buying interest was seen in Capital goods, Banking and FMCG stocks. However, Power, Realty, IT and Oil & gas stocks lead to a decline.

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 6220. If Nifty breaches 6220, it may further go up to 6315 and then 6420 in the short term. 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 6220. If Nifty breaks 6150, it may further go down to 6110 and then 6070. However, if it is able to sustain above 6220, the level of 6280 - 6315 would become the next target.

Source : Equity Bulls

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