Nifty Technical Outlook: 6th August 2012

Indian equities ended on a buoyant note with Sensex rising above 17,100 and Nifty nearing 5,200 mark. This rally was led by strong global cues and intense buying spree seen in power, realty and capital goods.At the close, the benchmark 30-share index, BSE Sensex added 304.49 points or 1.81% at 7,143.68 with 27 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 99.95 points or 1.96% at 5,199.80 with 46 components registering rise.

Nifty Technical Outlook for the day Nifty with a gap up opening surpassed the resistance of 5160, and managed to close decisively above it at 5199 levels. The big white candle near the resistance line on the daily chart is an optimistic sign. However, if Nifty trade above the 5210 then we may see it tests the level of 5260 to 5320.  There is an immediate support at 5180-5160 levels on the downside.


Nifty Support & Resistance Level for the day is:
Resistance Level-5270/5345
Support Level-5170/5080