NIFTY closes down 55.50 points at 6221.45 - Microsec

After opening on a shay note, the benchmark Nifty continuously fell to make a low of 6212.25yesterday. At the end of day it closed at 6221.45. It had a net loss of 55.50 points or 0.88% over the previous day's close. On the sectoral front, some buying interest was seen in Consumer durable stocks. However, IT, Auto, Power and Capital goods stocks lead to a decline.

Nifty has given a pullback rally of almost 5.8% from its recent low of 5933.30 made on 4th February. Now it is expected to face a stiff resistance near 6290. If Nifty is able to maintain above 6290 an upward rally might carry it to 6360 and then 6450. However, a breach of 6130 is likely to take Nifty lower to 5900 and then 5750 in the short term.

On an intra-day basis Nifty has a support at 6200 and is likely to face a stiff resistance near 6260. If Nifty breaks 6200, it may further go down to 6160 and then 6160. However, if it is able to sustain above 6260, the level of 6290 – 6360 would become the next target.

Source : Equity Bulls

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