Indian equities ended in green - Nirmal Bang

Indian equity ended in green. The markets got a positive momentum in late morning trade on account of smart recovery by the Asian equity markets. It touched days high point in noon trade but failed to sustain the gains. At the close, the benchmark 30-share index, BSE Sensex added 88.26 points or 0.48% at 18629.15. Meanwhile, the broad based NSE Nifty went up by 18.85 points or 0.34% at 5609.1.

Nifty Technical Outlook

Nifty formed a bullish pattern on the intraday charts which has confirmed a positive bias. The index managed to hold the crucial support of 5,580 levels and bounced sharply as most of the technical indicators were in the oversold territory. There is an immediate resistance at 5,670 levels on the upside and on a decisive close above expect rise to 5,750 & 5,780 levels.

Action: Nifty has an immediate resistance at 5,670 levels and decisive close above expect rise to 5,750 levels.

The Bank Nifty faces immediate resistance around the 11,250 levels on the upside and on a decisive close above expect rise to 12,360 & 12,380 levels. There is an Immediate Support at 11,130 levels on the downside.

Source : Equity Bulls

Keywords