Bank Nifty surpasses resistance of 11450 - Nirmal Ban

Indian equity maintained positive momentum to end up 2.75% on Friday. Policy initiative by the Government (by increasing gas prices) together with bounce back in Indian rupee, provided positive impetus to the markets.

At the close, the benchmark 30-share index, BSE Sensex added 519.8 points or 2.75% at 19395.8. Meanwhile, the broad based NSE Nifty went up by 159.8 points or 2.81% at 5842.2.

Nifty Technical Outlook

Nifty formed a bullish pattern on the weekly charts which has confirmed a positive bias. The index last week 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 5,860 levels on the upside and on a decisive close above expect rise to 5,920 & 5,950 levels

Action: Nifty has an immediate resistance at 5,860 levels and decisive close above expect rise to 5,950 levels.

Bank Nifty after a sharp gap up opening surpassed the resistance of 11,450 levels. The index has formed a bullish pattern and one should maintain a positive bias in the near term for an upside target of 11,900 & 12,050 levels.

Source : Equity Bulls

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