Bank Nifty to face resistance around 13,080 levels - Nirmal Bang

Indian equities ended the volatile session lower on Wednesday led by losses seen in capital goods, realty and oil & gas. Market participants preferred to trim their positions ahead of Fed Chairman BenBernanke statement later today. However, all gains were erased after index heavyweight Larsen & Toubro announced disappointing Q4 results.

At the close, the benchmark 30-share index, BSE Sensex declined 49.37 points or 0.25% at 20,062.24 with 16 components registering drop. Meanwhile, the broad based NSE Nifty fell by 19.60 points or 0.32% at 6,094.50 with 32 components registering drop.

Nifty declined below the crucial levels of 6,100 and has closed below it. The index faces crucial hurdles at 6,120 levels on the upside, expect selling pressure to continue at higher levels. The index is likely to decline towards the 6,020 & 5,950 levels in the near term.

Action: Nifty has an immediate support at 6070 levels on the downside and on decisive close below expects declines to 6,020 & 5,950 levels.

Bank Nifty faces immediate resistance around the 13,080 levels on the upside. There is an Immediate Support at 12,970 levels on the downside and on decisive close below expect declines to 12,850 levels.

Source : Equity Bulls

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