Indian Markets settle sharply higher helped by Infosys Q1 result - Nirmal Bang

Indian markets settled sharply higher on Friday helped by better Infosys Q1 result and strong global cues. IT, technology and capital goods led the advance.

At the close, the benchmark 30-share index, BSE Sensex gained 282.41 points or 1.44% at 19,958.47 with 22 components registering rise. Meanwhile, the broad based NSE Nifty went up by 73.90 points or 1.25% at 6,009 with 30 components registering rise.

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 5,900 levels and rallied sharply. There is an immediate resistance at 6,020 levels on the upside and on a decisive close above expect rise to 6,080 & 6,120 levels.

Action: Nifty has an immediate resistance at 6,020 levels and on a decisive close above expect rise to 6,120 levels.

The Bank Nifty has managed to hold the crucial support of 11,550 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 11,750 levels on the upside and on a decisive close above expect rise to 12,150 & 12,300 levels.

Source : Equity Bulls

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