Nifty settles at 5933 - Aditya Birla Money

NIFTY traded on a mixed note last session. The index touched a high of 5970 and then a low of 5923 before settling with marginal gains at 5933.

With this, prices re-tested the trend line breakdown zone of 5950-5980 however witnessed selling pressure and closed well off the day's highs finally.

Momentum in daily RSI (14) and MACD (12/26/9) is weak indicating fall towards 5840/5800 going forward however the overall momentum is still mixed to positive on the hourly charts.

Hence index could consolidate within the range of 5880-5980 in the coming 2-3 days before witnessing any further significant weakness.

Only a fall below 5880 could negate the consolidation and continue to keep the sentiments weak.

NIFTY could consolidate within 5880-5980, however if support at 5880 is breached then sentiment could turn weak towards 5840 and lower.

Source : Equity Bulls

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