7th Feb: 2 mins Nifty wrap up for the day

GEPL Capital
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A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect & news to watch out for the next trading session

Nifty may possibly test 6103-6130 range in this corrective up move. However trend remains weak as long as 6265 is not conquered

The BSE Sensex rose for a fourth consecutive session on Friday, to close at its highest in a week, as blue-chips such as Tata Steel rose on optimism after foreign investors snapped a five-day selling streak in Indian shares on Thursday. Aurobindo Pharma gained 3.12% on NSE post its strong Q3FY14 numbers. The Sensex rose 0.32 percent to 20,376.56 while the broader Nifty gained 0.45 percent, to end the week at 6063.2 marking their highest close since January 31

Technical Wrap

Nifty ended with a gain of 26 points at 6063. It is presently in a counter trend bounce back and may possibly test 6003 to 6030 range, in case of extreme bullishness there is also a possibility of 6170 level being tested which is a very stiff resistance for the index. However the up move may be short-lived and the selling pressure may resume which may take the Nifty back till 5933 and below that 5800 is a possibility. We maintain a bearish view on Nifty on a positional basis as long as it trades below the level of 6265

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