As said earlier, closing below 6140 level will break short term upward-trend and may test 5890 level; accordingly, Nifty Fut. has tested 5890 thrice in this week. Among NSE Sectoral Indices, PSU Bank's index was the top loser by 2% whereas CNX IT & CNX Pharma were the only gainers. CNX IT gained the most by 1.42%. In Nifty50 stocks, TCS was the top gainer by 3.35% gain and ended at 1520. Axisbank was the top loser by 3.26% , ended at 1371.9. Rcom was the turnover topper by the traded quantity and Axisbank by the traded value on NSE today.
Advance/Decline Ratio was negative as 730 stocks declined and 564 stocks gained today on NSE.
Nifty Outlook :
As predicted into last week's outlook for Nifty Fut., it has not crossed 6140 and which was needed to intact the short-term upward trend and hence we have seen testing of 5890 level for three consecutive days. Considering this, Nifty Fut. has an important support around this level(5885-5890) and said earlier, any breach of the level on the closing basis for the two consecutive sessions may lead Nifty Fut. to 5770 which is also 61.8% retracement from a recent low and recent high i.e. 5480.3 to 6239 tested on 10 Apr'13 and 20 May'13 respectively. Upside upto 6040-6050 possible if it will show the strength to cross and sustain above 5990 level.
Immediate Support : 5870
Immediate Resistance : 5990 / 6040
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