Nifty opened down today following weak Asian markets and traded in a narrow range in the morning session of the day. Nifty last traded flat at 5885.35 up by just 0.65 points against previous close of 5884.7.
Market is likely to remain rangebound because of lack of fresh cues. Intraday trend of Nifty is seen sideways.
Intraday range for Nifty is seen at 5800-6000. Near term support for Nifty is seen at 5850 and 5800. While resistance levels are 5950 and 6000.
Short term range for Nifty is seen at 5800-6000. In the near term, Nifty is likely to consolidate at 5700-6050.
Last Thursday Nifty opened strong following positive global cues and traded in positive territory during the day and finally settled with a gain of 0.56 percent despite rise in WPI inflation numbers.
US and other European markets were closed on last day of previous week because of Good Friday holiday. At present, Asian indices are trading with negative sentiments. Nikkei is trading marginally down with 0.14 percent loss while Shanghai is also trading in red at present.
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