Bank Nifty manages to hold crucial support of 9000 levels - Nirmal Bang

Indian market wrapped the volatile session on a buoyant note with Sensex surging over 400 points on Thursday. Metal, oil & gas and PSU stocks led the rally in the markets. Metal stocks surged after a report showed unexpected expansion in China's manufacturing in August.

At the close, the benchmark 30-share index, BSE Sensex gained 407.03 or 2.27% at 18,312.94 with 28 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 105.90 or 2% at 5,408.45 with 44 components registering rise.

Nifty formed a bullish pattern on the daily charts which has confirmed a positive bias. The index has managed to hold the crucial support of 5,300 levels and bounced sharply. There is an immediate resistance at 5,430 and an overall indicator indicates a rise towards 5,550 levels.

Action: Nifty has an immediate resistance at 5,430 and on a decisive close above expect rise to 5,550 levels.

Bank Nifty has managed to hold the crucial support of 9,000 levels and one can expect a short bounce as most of the technical indicators remain in the oversold territory there is an immediate resistance at 9,310 levels on the upside and on a decisive close above expect rise to 9,450 & 9,500 levels.

Source : Equity Bulls

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