Nifty maintains a buy on dip - Nirmal Bang

Market Review:

Indian markets ended higher ignoring disappointing RBI policy. The central bank has unexpectedly left CRR unchanged against 25 bps cut widely anticipated the market. The RBI has also kept repo and reverse repo unchanged. Realty, metal and capital goods led the advance.

At the close, the benchmark 30-share index, BSE Sensex gained 120.33 points or 0.63% at 19,364.75 with 23 components registering rise. Meanwhile, the broad based NSE Nifty went up by 38.90 points or 0.66% at 5,896.80 with 39 components posting rise.

Nifty Technical Outlook

Nifty has been continuing uptrend by making higher top-higher bottom formation on both daily and weekly chart. Nifty as the momentum is strong in upward direction, any dips can be used to re-enter for long trading positions. However, if Nifty trade above the 5900 then we may see it tests the level of 5950/6000. There is an immediate support at 5830/5800 levels on the downside.

Action: Nifty maintains a buy on dip approach and expects targets of 5950 & 6000 levels

Bank Nifty:

Bank Nifty faces strong resistance around the 12,630 levels on the upside, on a decisive close above expect rise to 12,750 & 12,820 levels. There is an Immediate Support at 12,270-12,080 levels on the downside.

Source : Equity Bulls

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