Nifty will find stiff resistance at 5780-5800: Way2Wealth

Way2Wealth has come out with its derivative report. The research firm says on higher side Nifty will find stiff resistance around 5780-5800 levels and any bounce to those levels should be used to exit from short term long positions.

Yesterday indices opened on negative note but on lower side found strong support around 5680 levels and saw sharp pull back from those levels in second half of session. Short unwinding coupled with fresh long buildup was seen in banking, metals, realty and infra sector that helped nifty to recover all the losses and close with gains of almost 43 points.

Markets are expected to open on weak note in today’s session but on lower side will find support around 5700-5680 levels and can see short covering from those levels. On higher side Nifty will find stiff resistance around 5780-5800 levels and any bounce to those levels should be used to exit from short term long positions.

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