Bank Nifty faces strong resistance around 8750 & 8850 levels - Nirmal Bang

Indian equity crashed with Sensex plunging 651 points on Tuesday after the rupee slipped below 68 amid concerns over possible rating downgrade and tensions in Syria.

At the close, the benchmark 30-share index, BSE Sensex declined 651.47 points or 3.45% at 18,234.66 with 28 components posting drop. Meanwhile, the broad based NSE Nifty fell by 213.75 or 3.85% at 5,337 with 48 components posting drop.

Nifty has observed a sharp decline from yesterday highs and has closed below 5,400 levels. The index faces crucial hurdles at 5,420-5,450 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 5,250 & 5,200 levels.

Action: Nifty has an immediate support at 5,320 and on a decisive close below expect declines to 5,250 & 5,200 levels.

Bank Nifty faces strong resistance around the 8,750 & 8,850 levels on the upside where selling pressure is expected and one should maintain a sell on rise approach. There is an immediate support at 8,550 levels and on a decisive close below one can expect further weakness and declines to 8,400-8,350 levels.

Source : Equity Bulls

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