Nifty may face resistance around 5770-5800: SMC Global

Written By Unknown on Senin, 04 Maret 2013 | 10.54

According to technical report by SMC Global, Nifty likely to seek support around 5670-5650 and on the other side may face resistance around 5770-5800 for Monday trade.

Nifty Outlook:

After losing momentum on budget day, market got success to end positive on Friday after clarified on finance minister tax residency certificates announcement, which had created confusion among FIIs. Nifty was hovered around 5700 for most part of trade but manages to close above the same. Rally led by consumer durables, capital goods and auto stocks whereas rate sensitive and heavyweight capped the upside.

Technically, 5650 is 200EMA on daily charts which is consider as a major support level. Nifty may likely to seek support around 5670-5650 and on the other side, may face resistance around 5770-5800 for Monday trade.

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