Indian Markets settle on a strong note - Nirmal Bang

Indian markets settled on a strong note on Thursday led by realty, IT, banking and capital goods stocks. After opening with a positive gap in early trades, the markets turned volatile and slipped into the red erasing all its gains. However, short covering in the banking, realty and IT stocks helped the benchmark indices bounce back. At the close, the benchmark 30-share index, BSE Sensex added 127.75 points or 0.69% at 18,542.20 with 16 components posting rise. Meanwhile, the broad based NSE Nifty went up by 22.65 points or 0.41% at 5,581.35 with 27 components registering rise.

Nifty has managed to close above the recent hurdles of 5,550 which is a bullish signal. The index has strong support at 5,520 levels on the downside. There is an immediate resistance at 5,610 levels on the upside and on a decisive close above expect rise to 5,680 & 6,720 levels.

Action: Nifty has an immediate resistance at 5,610 and on a decisive close above expects rise to 5,720 levels.

The Bank Nifty faces immediate resistance around the 11,330 levels on the upside, on a decisive close above expect rise to 11,460 & 11,500 levels. There is an Immediate Support at 11,200 levels on the downside.

Source : Equity Bulls

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