Bank Nifty faces immediate resistance around 9520 levels - Nirmal Bang

Indian market settled on a buoyant note on Friday led by gains in capital goods, banking and oil & gas.

At the close, the benchmark 30-share index, BSE Sensex gained 206.50 points or 1.13% at 18,519.44 with 23 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 63.30 points or 1.17% at 5,471.75 with 32 components posting rise.

Nifty has managed to surpass the resistance of 5,400 levels. The index managed to hold the crucial support of 5,300-5,350 levels and bounced sharply and one should maintain a positive bias in the near term for an upside target of 5,550 & 5,620 levels.

Action: Nifty has an immediate resistance at 5,480 and on a decisive close above expect rise to 5,550 levels.

Bank Nifty faces immediate resistance around the 9,520 levels on the upside and on a decisive close above expect rise to 9,750 & 9,850 levels. There is an Immediate Support at 9,400 levels on the downside.

Source : Equity Bulls

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