Nifty has immediate resistance at 5700 levels - Nirmal Bang

Indian equities ended flat with negative bias on Wednesday led by realty, FMCG and banking stocks. However, metal, technology and oil & gas stocks witnessed a rise.The markets were under pressure most part of the day led by sharp selloff in rate sensitives and weakness in rupee. Rupee has crossed 61 levels against the dollar.

At the close, the 30-share benchmark index, BSE Sensex ended flat with a decline of 2.64 points or 0.01% at 19,345.70, 14 components registering drop. Meanwhile, the broad based NSE Nifty fell by 13.05 or 0.23% at 5,742 with 29 components registering drop.

Nifty has managed to hold the crucial support of 5,700 levels and has formed a hammer pattern; one can expect a short bounce as most of the technical indicators remain in the oversold territory. There is an immediate resistance at 5,770 levels on the upside and on a decisive close above expect rise to 5,830 & 5,850 levels.

Action: Nifty has an immediate resistance at 5700 levels and on a decisive close above expect rise to 5,850 levels.

The Bank Nifty recently observed a sharp decline and the decent halted near the rising window pattern. The index has managed to hold the crucial support of 9,950 levels. There is an immediate resistance around the 10,150 levels on the upside and on a decisive close above expect corrective rise to 10,220 & 10,320 levels.

Source : Equity Bulls

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