Indian equities settled higher on Tuesday - Nirmal Bang

Indian equity settled higher on Tuesday after recovery in rupee following measures taken by both the RBI and SEBI to arrest volatility in currency markets. Global cues were also supportive. Consumer durables, power, realty, capital goods and banking stocks led the rise.

At the close, the benchmark 30-share index, BSE Sensex added 114.71 points or 0.59% at 19,439.48 with 22 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 47.45 points or 0.82% at 5,859 with 40 components registering rise.

Nifty faces strong resistance at 5,580-5,900 levels on the upside due to presence to reversal candles and Fibonacci clusters. There is an immediate support at 5,780 levels; expect trending action only on breach of either side.

Action: Nifty has an immediate support at 5,780 levels and resistance at 5,900 levels.

The Bank Nifty has managed to hold the crucial support of 11,200 levels for couple of trading session and one can expect a short bounce as most of the technical indicators remain in the oversold territory. There is an immediate resistance at 11,500 levels on the upside and on a decisive close above expect rise to 11,580 & 11,630 levels.

Source : Equity Bulls

Keywords