Indian Equities bounce back on Monday after inflation falls below 6% - Nirmal Bang

Indian equities bounced back on Monday after inflation fell unexpectedly below 6% for the first time in 40 months. Oil & gas, FMCG and PSU stocks traded higher while consumer durables and metals declined.

At the close, the benchmark 30-share index, BSE Sensex gained 115.24 points or 0.63% at 18,357.80 with 15 components posting rise. Meanwhile, the broad based NSE Nifty went up by 39.85 points or 0.72% at 5,569.65 with 27 components registering rise.

Nifty has managed to hold the crucial support of 5,480 levels for couple of trading session and the technical indicators remain in the oversold territory. There is an immediate resistance at 5,580 levels on the upside and on a decisive close above expect rise to 5,650 & 5,700 levels.

Action: Nifty has an immediate resistance at 5,580 and support at 5,480 levels on the downside.

The Bank Nifty faces immediate resistance around the 11,550 levels on the upside and on a decisive close above expect rise to 11,660 & 11,720 levels. There is an Immediate Support at 11,230 levels on the downside.

Source : Equity Bulls

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