Bank Nifty exceeds its recent high of 13,100 levels - Nirmal Bang

Indian equities ended on a flat note amid volatility on Thursday. Realty, oil & gas, healthcare and banking stocks gained ground. However, FMCG and IT declined. Market participants cheered Moody's statement on the Indian economy. The rating agency expects growth for 2013 to hover around 5.5-6.5%.At the close, the benchmark 30-share index, BSE Sensex added 34.31 points or 0.17% at 20,247.27 with 14 components registering rise. Meanwhile, the broad based NSE Nifty went up by 22.60 points or 0.37% at 6,169.35 with 29 components registering rise.

Nifty has managed to close 6,120 which since past few trading sessions which is a bullish signal. However, if Nifty trade above the 6100 then we may see it tests the level of 6250. There is an immediate support at 6080-6100 levels on the downside.

Action: Nifty has an immediate resistance at 6,190 and on a decisive close above expect rise to 6,250 levels

The Bank Nifty has exceeded its recent high of 13,100 levels and one can expect rise to 13,250 & 13,360 levels. The support resides at 12,900-12,850 levels on the downside.

Source : Equity Bulls

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