Bank Nifty closes below important support of 11,200 levels - Nirmal Bang

Indian equities ended flat with negative bias on Monday on concern Samajwadi Party may withdraw support to UPA government. Capital goods, auto and metal stocks traded lower while realty and power stocks advanced.

At the close, the benchmark 30-share index, BSE Sensex declined 54.18 points or 0.3% at 18,681.42 with 20 components registering drop. Meanwhile, the broad based NSE Nifty fell by 16.35 points or 0.31% at 5,633.85 with 30 components posting drop.

Nifty declined below the crucial levels of 5,650 and has closed below it. The index faces crucial hurdles at 5,680 & 5,700 levels on the upside, expect selling pressure to continue at higher levels. The index is likely to decline towards the 5,580 & 5,540 levels in the near term.

Action: Nifty has an immediate support at 5,620 and on a decisive close below expect declines to 5,550 levels.

The Bank Nifty has closed below the important support of 11,200 levels expect declines to the 11,000 & 10,900 levels. There is a strong resistance at 11,280 & 11,300 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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