Bank Nifty closes below important support of 11420 - Nirmal Bang

Indian equity traded in a volatile trading session on Friday. Future Retail crashed more than 30% on account of its demerger declaration. IT & Technology stocks provided some support to the markets whereas selling pressure was observed in Realty & Metal. At the close, the benchmark 30-share index, BSE Sensex added 54.9 points or 0.29% at 18774.24. Meanwhile, the broad based NSE Nifty went up by 11.75 points or 0.21% at 5667.65.

Nifty Technical Outlook

Nifty has been in a short term downtrend and has closed below the crucial levels of 5,680. The index faces crucial hurdles at 5,680-5700 levels on the upside, expect selling pressure to continue at higher levels. One can expect decline towards the 5,540 & 5,520 levels in the near term.

Action: Nifty has an immediate support at 5,620 levels and decisive close below expect declines to 5,580 & 5,540 levels.

The Bank Nifty has closed below the important support of 11,420 levels which is a bearish signal. There is an immediate support at 11,300 levels and close below one can expect further weakness and declines to 11,150 levels. There is a strong resistance at 11,480 & 11,500 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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