Nifty closes at 5688.95, up by 120.55 points - Microsec

After opening on a shaky note, the benchmark Nifty fell to make a low of 5555.85 and then it continuously rose to make a high of 5699.25 yesterday. At the end of day it closed at 5688.95. It had a net gain of 120.55 points or 2.16% over the previous day's close. On the sectoral front, Banking, Auto, Power, Realty and Capital goods stocks were on the buyers' radar. However, Information Technology stocks traded marginally lower.

The Nifty has been moving in the range of 5760 and 5470 since last fifteen days. We expect this range bound movement of Nifty to continue for another few days. If it breaches 5470, it may further go down to 5370 and then 5250 in the short term. However, a breach of 5760 would open the gate for 5980.

On an intra-day basis Nifty has a support at 5650 and is likely to face a stiff resistance near 5720. If Nifty breaks 5650, it may further go down to 5600 and then 5540. However, if it is able to sustain above 5720, the level of 5760 - 5790 would become the next target.

Source : Equity Bulls

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