Support for Nifty at 5904-5879: Angel Broking

Angel Broking's Technical Report:

Yesterday's price action can be perfectly described as a 'Tugof-War' between the bulls and the bears. Indices recovered smartly after posting a low of 19778 / 5927. Going forward, we continue to mention the trading range of 20073 / 6038 to 19640 / 5904. Yesterday's high of 19983 / 5990 would act as an immediate intraday resistance for our market.

For any higher targets, indices need to break recent high of 20063/ 6038 which would push indices towards the near term target of 20200 / 6088. On the flipside, 19640-19505/5904-5879 remains to be a strong support band for our market. A fall below these levels would mean that all long positions should be squared off as further lower levels may be eventually tested. We reiterate that traders should stick to individual stocks movement and avoid taking undue risks.

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