Bank Nifty faces immediate resistance around 11450 levels - Nirmal Bang

Indian equity remains volatile yesterday on account of volatility in currency markets. The global equity markets remained flat due to the European Central Bank meeting and the U.S. non-farm payrolls report.

At the close, the benchmark 30-share index, BSE Sensex added 233.08 points or 1.2% at 19410.8. Meanwhile, the broad based NSE Nifty went up by 66.05 points or 1.14% at 5836.95.

Nifty Technical Outlook

Nifty has been in a short term downtrend and faces crucial hurdles at 5,880-5,900 levels on the upside; expect selling pressure to continue at higher levels. The index has an immediate support at 5,780 and 5,800 levels on the downside

Action: Nifty has an immediate support at 5,780 levels and resistance at 5,900 levels; break on either side expect a sharp move.

The Bank Nifty faces immediate resistance around the 11,450 levels on the upside and on a decisive close above expect corrective rally to 11,520 & 11,580 levels. There is an Immediate Support at 11,350 levels on the downside.

Source : Equity Bulls

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