Nifty, Bank Nifty View - Nirmal Bang

Indian markets snapped three sessions losing streak and gain around 1% to end the weak on positive note. The markets rallied Friday on account of increased optimism of rate cut by the RBI on 29 January. At the close, the benchmark 30-share index, BSE Sensex up 180.2 or 0.90% at 20104 with 24 components posting up. Meanwhile, the broad based NSE Nifty went up 55.6 by or 0.92% at 6,019.35 with 44 components posting up.

Nifty Technical Outlook

Nifty has a strong support at 6,020 levels on the downside and resistance at 6100. Break on either side one can expect trending action, currently the bias remains for an upside break as there are emergence of positive candles at support levels.

Action: Nifty has an immediate resistance at 6,100 on the upside; and on a decisive close above expect rise to 6,150 & 6,200 levels.

Bank Nifty:

There is strong resistance at 12,850 & 12,900 levels on the upside, where selling pressure is expected one should maintain a positive bias only on close above this for an upside potential to 13,350. Bank Nifty has immediate support at 12,450-12,550 levels on the downside.

Source : Equity Bulls

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