NIFTY surges to close at 5935.10, UP 118.40 points - Microsec

After giving a gap up opening, the Nifty traded in the positive territory throughout yesterday's trading session. At the end of day it closed at 5935.10. It had a net gain of 118.40 points or 2.04% over the previous day's close. On the sectoral front, Metal, Banking, Realty, Capital goods and Oil & gas stocks were on the buyers' radar. However, Consumer durable stocks traded marginally lower.

Nifty has given a pullback rally of almost 6.86% from its recent low of 5566.25 made on 24th June. Now it is expected to trade in the range of 5660 and 5980 in the short term. If Nifty breaches 5980, the short term trend would become positive and Nifty may test 6250. However, if Nifty breaches 5660, it may further go down to 5600 and then 5470 in the extreme short term.

On an intra-day basis Nifty has a support at 5900 and is likely to face a stiff resistance near 5980. If Nifty breaks 5900, it may further go down to 5860 and then 5810. However, if it is able to sustain above 5980, the level of 5020 – 6070 would become the next target.

Source : Equity Bulls

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