Indian Equity remains under pressure - Nirmal Bang

Indian equity remained under pressure on yesterday. Profit booking & negative global cues weighed on the markets and increasing crude oil prices and the weakness in rupee.

At the close, the benchmark 30-share index, BSE Sensex decline -286 points or -1.47% at 19177.7Meanwhile, the broad based NSE Nifty fell by -86.6 points or -1.48% at 5770.90.

Nifty Technical Outlook

Nifty has been in a short term downtrend and has closed below the crucial levels of 5,800. The index faces crucial hurdles at 5,820 levels on the upside, expect selling pressure to continue at higher levels. The index has an immediate support at 5,750 levels and close below one can expect decline towards the 5,720 & 5,680 levels in the near term.

Action: Nifty has an immediate support at 5,750 levels and decisive close below expect declines to 5,720-5,700 levels.

The Bank Nifty has closed below the important support of 11,400 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 11,420 & 11,450 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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