Bank Nifty faces immediate resistance at 5970 - Nirmal Bang

Bank Nifty faces immediate resistance around the 12600 levels on the upside and on a decisive close above expect rise to 12800 & 13000 levels. There is an Immediate Support at 12,250 levels on the downside.

Indian markets ended lower on Friday led by interest rate sensitive sectors after the RBI indicated limited room for further policy easing while announcing cut in interest rate by 25 bps.

At the close, the benchmark 30-share index, BSE Sensex lost 160.13 points or 0.81% at 19,575.64 with 19 components posting drop. Meanwhile, the broad based NSE Nifty went down by 55.35 points or 0.92% at 5,944 with 38 components posting drop.

Nifty has observed some profit booking around the 6000-5940 levels. The index has strong support at 5,940-5,900 levels on the downside. There is an immediate resistance at 5,970 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 5970 and on a decisive close above expect rise to 6,040 levels

Source : Equity Bulls

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