Nifty face resistance in 5920-5950 zone - FINQUEST

Nifty witnessed a weak opening and soon plunged marking an intraday low at 5825, wherein prices took support. Index thereafter traded sideways but in the afternoon session gained momentum and surged thus hitting fresh intraday high at 5912, finally settling down by ~1 point at 5907.

Nifty initially plunged but soon rebounded forming a small bodied candle witnessing close above the psychological 5900 mark. Going ahead view remains intact that resistance on upmove is seen between 5920-5950 zone, sustainable move above which could enable Nifty to further surge towards 6000-6020. However failure to do so could invite sideways movement with immediate support seen at 5800.

Nifty for the day has support at 5860, breach of which could drag index lower towards 5820-5785 levels. Towards upside 5920 would act as resistance, above which it could edge higher towards 5950-6020 levels.

On upmove resistance is seen around 5920-5950 zone, if fails to breach Nifty likely to move sideways with support at 5800.

Source : Equity Bulls

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