Nifty closed at 5884 with a marginal gain of half percent on higher side on Friday comparative to its previous day closed. We at GEPL are of the view that market is continuously facing major supply in the range of 5920-5950. Close and sustenance above this area may lift up Nifty up to the next crucial level of 6150. On the downward side market has got good support at 5800 and below that 5720(200DMA-5730). Any decline up to the mark of 5800 will provide an opportunity to go long with a stop loss placing at 5700 and target of 6150 for positional traders. Regarding sector specific approach, in our opinion BSE-FMCG and BSE- PSU Banks will outperform the broader indices while BSE-CG and BSE-Consumer Durables will underperform Nifty.
Published by geplcapital
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