Sensex ends week with stellar return of 4% - Nirmal Bang

BSE Sensex ended the week on a strong note with a stellar return of 4% as against negative return of 1-2% for developed market indices. Domestic markets were buoyant this week on expectations the RBI will cut lending rates as inflation fell unexpectedly below 6% for first time in the 40-months. On sectoral front, Bankex, Capital goods, Realty, FMCG and auto were the major gainers. The 30 share index, Sensex surged 773.90 points, or 4.24%, to 19,016.46 in the week ended Apr. 18, 2013. On the other hand, the broad based NSE Nifty jumped 254.55 points, or 4.60%, to 5,783.10 in the same period.

Nifty has managed to close above the recent hurdles of 5,760 which is a bullish signal. The index has strong support at 5,710 levels on the downside. There is an immediate resistance at 5,810 levels on the upside and on a decisive close above expect rise to 5,880 & 6,920 levels.

Action: Nifty has an immediate resistance at 5,810 and on a decisive close above expect rise to 5,920 levels

Bank Nifty faces immediate resistance around the 12,320 levels on the upside and on a decisive close above expect rise to 12,460 & 12,550 levels. There is an Immediate Support at 12,100 levels on the downside.

Source : Equity Bulls

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