Nifty ends the day at 5999.35 - Microsec

After opening on a subdued note, the benchmark Nifty continuously rose to make an intra-day high of 6019.45 yesterday. At the end of day it closed at 5999.35. It had a net gain of 69.15 points or 1.17% over the previous day's close. The buying was witnessed across the board. However, Realty, Banking, Information technology and Capital goods stocks were on the buyers' radar.

The Nifty has given a pullback rally of almost 9.90% from its recent low of 5477.20 made on 10th April, 2013. We expect this rally would continue for another few days. The immediate crucial resistance of Nifty is at 6125. If it is able to maintain above this level, an upward rally might carry it to 6250 and then 6300 in the extreme short term. However, a breach of 5800 would indicate the end of current rally and in that case Nifty may test 5500.

On an intra-day basis Nifty has a support at 5960 and is likely to face a stiff resistance near 6020. If Nifty breaks 5960 it may further go down to 5920 and then 5870. However, if it is able to sustain above 6020, the level of 6050 - 6125 would become the next target.

Source : Equity Bulls

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