Indian equities rallied further on hopes of rate cut - Nirmal Bang

Indian equities rallied further on hopes of rate cut and sustained buying seen in IT stocks. At the close, the benchmark 30-share index, BSE Sensex gained 231.59 points or 1.19% at 19,735.77 with 17 components registering rise. Meanwhile, the broad based NSE Nifty went up by 69.15 points or 1.17% at 5,999.35 with 34 components posting rise.

Nifty has managed to close above the recent hurdles of 5,970 which is a bullish signal. The index has strong support at 5,900 levels on the downside. There is an immediate resistance at 6040 levels on the upside and on a decisive close above expect rise to 6100 & 6140 levels.

Action: Nifty has an immediate resistance at 6040 and on a decisive close above expect rise to 6,100 levels

Bank Nifty faces immediate resistance around the 12800 levels on the upside and on a decisive close above expect rise to 13040 & 13250 levels. There is an Immediate Support at 12,530 levels on the downside.

Source : Equity Bulls

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