NIFTY down 30.90 to close at 6241.85

After opening on a flat note, the benchmark Nifty rose to make a high of 6280.35 and then it fell to make a low of 6234.15 yesterday. At the end of day Nifty closed at 6241.85. It had a net loss of 30.90 points or 0.49% over the previous day's close. On the sectoral front, Health care and Oil & gas stocks traded marginally higher. However, Metal, Realty, IT, Banking and Capital goods stocks traded lower.

The Nifty has been moving in the range of 6100 and 6420 since last few days. We expect this range bound movement of Nifty would continue for another few days. If Nifty breaches 6100, it may further go down and take support near 5970. However a breach of 6420 would open the gate for 6500 and then 6650 in the extreme short term. We recommend holding long positions with stop loss of 6100.

On an intra-day basis Nifty has a support at 6220 and is likely to face a stiff resistance near 6285. If Nifty breaks 6220, it may further go down to 6170 and then 6130. However, if it is able to sustain above 6285, the level of 6310 – 6360 would become the next target.

Source : Equity Bulls

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