Indian Equities gained marginally on Tuesday - Nirmal Bang

Indian equities gained marginally on Tuesday as sentiments remained subdued ahead of F&O expiry and on renewed concern over Cyprus bailout details. Asian markets fell on concern over the conditions of Cyprus bailout deal, which requires a banking overhaul and big losses for bondholders and depositors. The markets are also worried about possibility of similar rescue package will be repeated in other European nations with struggling banks. At the close, the benchmark 30-share index, BSE Sensex gained 23.11 points or 0.12% at 18,704.53 with 15 components posting rise. Meanwhile, the broad based NSE Nifty went up by 7.75 points or 0.14% at 5,641.60 with 23 components posting rise.

Nifty declined below the crucial levels of 5,650 and has closed below it. The index faces crucial hurdles at 5,670 & 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 & 10,950 levels. There is a strong resistance at 11,220 & 11,350 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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