Nifty has support at 5660 on intraday basis - Microsec

After opening on a subdued note, Nifty rose to make a high of 5745.30 and then it continuously fell to make a low of 5682.30 yesterday. At the end of day Nifty closed at 5694.40. It had a net loss of 51.55 points or 0.90% over the previous day's close. On the sectoral front, huge selling pressure was witnessed in Realty, Banking, PSU, Power and Capital goods stocks. However, FMCG and Information technology stocks traded marginally lower.

The daily chart of Nifty is showing that it has given a correction of almost 4.8% since last one week. Now it is expected to get a strong support near 5600. If it breaches this level, it may further go down to 5540 and then 5400 in the short term. However, a breach of 5980 would indicate the reversal of current trend and in that case Nifty may test 6050 and then 6115.

On an intra-day basis Nifty has a support at 5660 and is likely to face a stiff resistance near 5720. If Nifty breaks 5660, it may further go down to 5640 and then 5600. However, if it is able to sustain above 5720, the level of 5750 – 5780 would become the next target.

Source : Equity Bulls

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