Indian Markets end marginally higher - Nirmal Bang

Indian equity traded in a choppy trading session with a very narrow range. Selling pressure was visible in the markets in first half but market manage pair its losses to end in green lead by Oil & Gas and Realty stocks.

The 30-share benchmark index, Sensex up 22.4 points, or 0.11% to 19568.2. The broad based NSE Nifty moved up 4.4 points or 0.07 % to 5,923.8

Nifty Technical Outlook

Nifty has taken support at its long-term averages. The short term trend remains down and one can expect selling pressure to continue at higher levels. There is an Immediate Resistance at 5,920-5,970 levels on the upside traders can maintain can maintain a sell on rise on rise approach. There is a crucial support at 5,880 levels and on decisive close below expect declines to 5,820 & 5,780 levels.

Action: Nifty has an immediate support at 5,880 levels and decisive close below expect declines to 5,820 levels.

The Bank Nifty has closed below the important support of 12,400 levels and close below 12,250 one can expect further weakness and declines to 12,050 levels. There is a strong resistance at 12,380 & 12,400 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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