Bank Nifty closed below important support of 12500 levels - Nirmal Bang

Indian equity continued Friday's negative momentum today. The markets ended down around 0.80% today lead by the Oil & Gas stocks. The overall HSBC Manufacturing Purchasing Managers' Index (PMI) decreased to 50.1 in May from 51.0 in April. It was the third straight monthly fall in PMI. The 30-share benchmark index, Sensex down -149.8 points, or -0.76% to 19610. The broad based NSE Nifty moved down-46.6 points or -0.78 % to 5,939.

Nifty has been in a short term downtrend and has breached the crucial levels of 5,940 and has closed below it. The index faces crucial hurdles at 5,960 levels on the upside, expect selling pressure to continue at higher levels. The index has an immediate support at 5,910-5,900 levels and close below one can expect decline towards the 5,850 & 5,820 levels in the near term.

Action: Nifty has an immediate support at 5,910 levels and decisive close below expect declines to 5,850 levels.

The Bank Nifty has closed below the important support of 12,500 levels which is a bearish signal. There is an immediate support at 12,350 levels and close below one can expect further weakness and declines to 12,150 levels. There is a strong resistance at 12,480 & 12,550 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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