Bank Nifty closes below important support of 12950 levels - Nirmal Bang

Indian equities wrapped the volatile session on a flat note. Index heavyweight Reliance Industries (RIL) edged higher in volatile trade. Another index heavyweight ITC extended intraday gains in late trade. At the close, the Sensex was trading down 13.18 points or -0.07% at 20,147.6 meanwhile, the Nifty fell by 6.95 points or -0.11% at 6,111.25.

There is an Immediate Resistance at 6,130-6,150 levels on the upside, expect selling pressure to continue at higher levels. Traders can maintain can maintain a sell on rise on rise approach as the index has confirmed a short term trend reversal. There is a crucial support at 6,070-6,050 levels and on decisive close below expect declines to 5,950 & 5,920 levels.

Action: Nifty has an immediate support at 6,050 levels and on a decisive close below expects declines to 5,950 & 5,920 levels.

Bank Nifty has closed below the important support of 12,950 levels which is bearish signal. There is an immediate support at 12,720 & 12,700 levels and break below one can expect further weakness and declines to 12,550 levels. There is a strong resistance at 13,100 & 13,150 levels on the upside where selling pressure is expected.

Source : Equity Bulls

Keywords