Nifty may trade in 5960-5840 range today: Magnum Research

Magnum Research has come out with its report on Nifty. According to the research firm, global cues are little positive today with them SGX Nifty is showing strength in morning trade, it indicating that Indian market would trade positive today and Nifty is expected to trade between 5960 and 5840 with sideways biasness.

Indian markets fell for a fourth session on Wednesday as Hindustan Unilever was hit by worries over higher royalty payments, but non-banking financials rose after the government reached an agreement with the opposition on a banking amendment bill. However, both the indices ended a range-bound session in the negative terrain, led by losses in capital goods, power and metal sectors. Trading was cautious a day after Standard & Poor's reiterated its warning that India faces a one-in-three chance of being downgraded to "junk" status over the next 24 months. Data showed industrial output rose a stronger-than-expected 8.2 percent in October but it failed to bolster investor sentiment as market participants doubted if the growth rate could be sustained. On technical front Nifty is in its sideways to downward trend and closed 10 points down yesterday from its previous close.

Nifty is facing resistance near 5950 range and is unable to close in green since last five trading session indicating that it may continue to remain rangebound in near future. However Nifty may fall sharply in intraday if its moves below 5860 on its daily chart. European shares closed higher on Wednesday ahead of a Federal Reserve meeting in the U.S., with investors expecting an announcement on a new treasury purchase plan. US Stocks wiped out their gains in choppy trading Wednesday to close narrowly mixed, after Fed Chairman Ben Bernanke's comments following the central bank's latest policy announcement and as ongoing worries over the "fiscal cliff" continued to weigh.

Global cues are little positive today with them SGX Nifty is showing strength in morning trade, it indicating that Indian market would trade positive today and Nifty is expected to trade between 5960 and 5840 with sideways biasness. 

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