Nifty likely to move in the range of 6360 and 5970 - Microsec

After opening with a red session, the benchmark Nifty continuously fell to make a weekly low of 6161.40 on Friday. At the end of week it closed at 6168.40. It had a net loss of 1.46% over the previous week's close. On the sectoral front, some buying interest was seen in Information technology stocks. However, Power, Banking, Capital goods, Auto and Consumer durable stocks lead to a decline.

After making a low of 5972.80 on 22nd September, 2013, Nifty has given a pullback rally of almost 7.4 percent. Now it is likely to trade in the range of 5970 and 6360 in the short term. If it is able to maintain above 6360 level, an upward rally might carry it to 6450 and 6500 in the extreme short term. However the support of 6140 is very crucial and a breach of this level is likely to take Nifty lower to 5970. We recommend holding long positions with stop loss of 6140.

For the coming week, first support of Nifty is at 6140 and the resistance is 6250. If Nifty breaks 6140, it may further go down to 6050 and then 5970. However, if Nifty is able to sustain above 6250, the level of 6300-6360 would become the next target.

Source : Equity Bulls

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