Bank Nifty faces immediate resistance around 11920 levels - Nirmal Bang

Indian equity after opening flat with negative bias, the markets managed to pair all of its losses tracking recovery in European markets. But it failed to end in green as the banking & capital goods stocks weighed on the markets.

At the close, the benchmark 30-share index, BSE Sensex lost -102.5 points or -0.62% at 19,223.2.Meanwhile, the broad based NSE Nifty fell by -36.4 or -0.53% at 5,814.

Nifty Technical Outlook

There is an Immediate Resistance at 5,850 levels on the upside, expect selling pressure to continue at higher levels unless index manages to sustain and close above it. There is a crucial support at 5,770 levels.

Action: Nifty has an immediate resistance at 5,850 levels and support at 5,770.

Bank Nifty faces immediate resistance around the 11,920 levels on the upside and on a decisive close above expect rise to 12,260 & 12,320 levels. There is an Immediate Support at 11,750 levels on the downside.

Source : Equity Bulls

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