Bank Nifty closed below important support of 10,500 - Nirmal Bang

Indian markets ended lower on Monday ahead of RBI policy. FMCG, metal, realty and banking stocks led the drop in the market.

At the close, the benchmark 30-share index, BSE Sensex lost 154.91 or 0.78% at 19,593.28 with 21 components posting drop. Meanwhile, the broad based NSE Nifty went down by 54.55 or 0.93% at 5,831.65 with 40 components posting drop.

Nifty declined below the crucial levels of 5,880 and has closed below it. The index faces crucial hurdles at 5,880 & 5,900 levels on the upside, expect selling pressure to continue at higher levels. One should maintain a sell on rise approach and expect further declines to 5,750 levels.

Action: Nifty has an immediate support at 5,810 levels and on a decisive close below expect declines to 5,750 levels.

The Bank Nifty has closed below the important support of 10,500 levels expect declines to the 10,100 levels. There is a strong resistance at 10,450 & 10,480 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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