Nifty has immediate support at 5940 levels - Nirmal Bang

Indian equity ended down more than 2% on Friday. The expectation for the RBI rate cut decrease sharply as the fourth quarter GDP data which is declared today was in-line with expectations at 4.8 per cent. With this the GDP growth for the FY 2012-13 is pegged at 5 per cent which is the lowest in the last decade. The 30-share benchmark index, Sensex down -455.1 points, or -2.26% to 19,760.3. The broad based NSE Nifty moved down-138.1 points or -2.26% to 5,985.95.

Nifty declined below the crucial levels of 6,020 and has closed below it. The index faces crucial hurdles at 6,040 & 6,050 levels on the upside, expect selling pressure to continue at higher levels. The index is likely to decline towards the 5,900 & 5,850 levels in the near term.

Action: Nifty has an immediate support at 5,940 levels and decisive close below expect declines to 5850 levels.

Bank Nifty has closed below the important support of 12,650 levels which is bearish signal. There is an immediate support at 12,420 levels and break below one can expect further weakness and declines to 12,250 levels. There is a strong resistance at 12,550 & 12,650 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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