Immediate Support for Bank Nifty at 12300 levels - Nirmal Bang

Bank Nifty faces immediate resistance around the 12,500 levels on the upside and on a decisive close above expect rise to 12,660 levels. There is an Immediate Support at 12,300 levels on the downside.

Indian equities settled higher on Monday led by gains in metal, IT and consumer durables. However, FMCG, PSU and capital goods declined. Midcap and Smallcap index outperformed their larger counterparts.

At the close, the benchmark 30-share index, BSE Sensex added 98 points or 0.50% at 19,673.64 with 20 components registering rise. Meanwhile, the broad based NSE Nifty went up by 27.05 or 0.46% at 5,971.05 with 30 components posting rise.

Nifty has managed to close above the recent hurdles of 5,950 which is a bullish signal. The index has strong support at 5,920 levels on the downside. There is an immediate resistance at 5,980 levels on the upside and on a decisive close above expect rise to 6,050 & 6,120 levels.
Action: Nifty has an immediate resistance at 5,980 and on a decisive close above expect rise to 6,120 levels

Source : Equity Bulls

Keywords