Bank Nifty faces immediate resistance at 12680 levels - Nirmal Bang

Indian markets settled sharply higher on Monday led by rally in Consumer Durable & Realty stocks provided firm support to the markets. HUL led the FMCG pack after reporting stronger-than-expected set of fourth quarter numbers.

At the close, the benchmark 30-share index, BSE Sensex added 100.78 points or 0.52% at 19,387.50 with 19 components posting rise. Meanwhile, the broad based NSE Nifty went up by 32.65 points or 0.56% at 5,904.10 with 32 components registering rise.

Nifty has observed some profit booking around the 5930-5950 levels. The index has strong support at 5,830-5,790 levels on the downside. There is an immediate resistance at 5,950 levels on the upside and on a decisive close above expect rise to 6,050 & 6,100 levels.

Action: Nifty has an immediate resistance at 5,950 and on a decisive close above expect rise to 6,100 levels

Bank Nifty faces immediate resistance around the 12,680 levels on the upside and on a decisive close above expect rise to 12,800 & 12,950 levels. There is an Immediate Support at 12,450 levels on the downside.

Source : Equity Bulls

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