Recovery of Rupee leads to buoyant stocks - Nirmal Bang

Indian equity ended on a buoyant note on Thursday helped by recovery in the rupee following RBI's announcement of fresh measures. Oil & gas, metal, FMCG and capital goods stocks led the rally in the market.

At the close, the benchmark 30-share index, BSE Sensex gained 404.89 points or 2.25% at 18,401.04 with 22 components registering rise. Meanwhile, the broad based NSE Nifty went up by 124 points or 2.35% at 5,409.05 with 37 components posting 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. We expect the markets to rise towards the 5,500 & 5,550 levels.

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

Source : Equity Bulls

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