Nifty to trade in range of 5180-5285: Nirmal Bang

Nifty BSE | NSE 31/05/12 Are Mutual Funds betting on Nifty?

Nirmal Bang has come out with a pre-market research report. The research firm said the markets continued to consolidate and trade in the range of 5,180-5,285.

"Markets continue to consolidate and trade in the range of 5,180/ 5,285.The trend remains positive until Nifty holds above 5,230/ 5,200 but for further development Nifty has to hold above 5,285/ 5,300 levels with strong positive breadth. It and Metal stocks could see profit booking as many stocks were into the overbought zone", says Nirmal Bang.

The report also says, "Markets will continue to consolidate and remain sideways in the absence of any fresh triggers. Nifty continues to remain above it's 5& 20 day moving average of 5,244 and 5,172 respectively and breadth continues to remain positive, hence we believe that markets will not drift lower very sharply. On higher side 5,300 is the important point to be breached and sustained for a major uptrend to emerge .A strong support for Nifty is 5,230 and 5,160, unless this point is breached we do not see major sell-off happening."

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To read the full report click on the attachment