Bank Nifty closes below important support of 9550 levels - Nirmal Bang

Indian markets crashed on Friday after the series of measures announced by both the government and RBI failed to arrest fall in rupee. Rupee has witnessed record low of 62 against US dollar in intra-day trade.

At the close, the benchmark 30-share index, BSE Sensex declined 769.41 points or 3.97% at 18,598.18 with 24 components registering drop. Meanwhile, the broad based NSE Nifty fell by 234.45 points or 4.08% at 5,507.85 with 42 components posting drop.

Nifty declined below the crucial levels of 5,600 and has closed below it. The index faces crucial hurdles at 5,550 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 5,350 levels.

Action: Nifty has an immediate support at 5,480 and on a decisive close below expect declines to 5,350 levels.

Bank Nifty has closed below the important support of 9,550 levels expect declines to the 9,300 levels. There is a strong resistance at 9,550 & 9,600 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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