Sensex closes up 147.9 points at 19325.8 - Nirmal Bang

Indian equity ended up around 0.74% yesterday. The RBI kept the policy rate unchanged but slightly better than expected, trade deficit for the month of May saved the day. According to the government data released today India's May trade deficit widened to $20.1 billion from $17.8 billion a month ago. In May the Gold and silver imports increased around 90% YoY to $8.4 billion last month but it is slower than an annual 138% surge in April.

At the close, the benchmark 30-share index, BSE Sensex added 147.9 points or 0.77% at 19325.8. Meanwhile, the broad based NSE Nifty went up by 41.6 points or 0.72% at 5850.05.

Nifty Technical Outlook

Nifty has managed to close above the recent hurdles of 5,820 which is a bullish signal. The index has strong support at 5,800 levels on the downside. There is an immediate resistance at 5,870 levels and on a decisive close above expect rise to 5,920 & 5,950 levels.

Action: Nifty has an immediate resistance at 5,870 levels and decisive close above expect rise to 5,950 levels.

Bank Nifty faces immediate resistance around the 12,050 levels on the upside and on a decisive close above expect rise to 12,260 & 12,320 levels. There is an Immediate Support at 11,830 levels on the downside.

Source : Equity Bulls

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