Bank Nifty faces immediate resistance around 11250 levels - Nirmal Bang

Indian markets pared most of its gains to close flat on Monday after Larsen & Toubro reported weak set of quarterly numbers. Auto, banking and IT stocks gained while capital goods oil & gas and power lost ground.

At the close, the 30-share benchmark index, BSE Sensex ended flat with a rise of 9.27 points or 0.05% at 20,159.12, 19 components posting rise. while the broad based NSE Nifty closed flat with a gain of 2.60 points or 0.04%, at 6,031.80.25 components registering rise.

Nifty after a gap up opening is likely to surpass the resistance of 6,060 levels. The index managed to hold the crucial support of 5,910-5,950 levels and bounced sharply and one should maintain a positive bias in the near term for an upside target of 6,120 & 6,180 levels.

Action: Nifty has an immediate resistance at 6,060 levels and on a decisive close above expect rise to 6,180 levels.

The Bank Nifty faces immediate resistance around the 11,250 levels on the upside and on a decisive close above expect rise to 11,360 & 11,450 levels. There is an Immediate Support at 11,000 levels on the downside.

Source : Equity Bulls

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