Technical Desk | INDIA | |||
EQUITY Nifty consolidates … Nifty ended the previous week on flat note at around 5850 level from the highs of almost 6k. As expected Nifty once break down below crucial 5870 marks slip down to 5830 levels on the back of profit-taking in intraday. Going forward Nifty can witnessed some profit-taking cum consolidation before it takes off 6k levels on charts. We continue with the positive bias over the Index with cautious mode trailing the long positions. Stock specific activities will continue to outperform the Index and thus mid-cap Index can be looked for trading opportunities. Weekly levels to watch for the Index will be 5790 & 5725 on lower end while 5895 & 5960 on higher end. Nifty trading below 5870 will reflect weakness which can trigger further profit-taking in intraday. Nifty levels to watch for the week will be 5940 & 6025 on higher end while 5720 & 5580 on lower end. In intraday trade Nifty future will find support at 5815/5776 levels whereas its resistance will be at around 5911/5967. |
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