SENSEX NIFTY
Feb 25, 2013, 09.28 AM IST | Source: Moneycontrol.com

Nifty may decline to 5800-5740 in near term: Nirma Bang

Nirmal Bang has come out with its technical report on Nifty. The research firm expects selling pressure to continue at higher levels. The index is likely to decline towards the 5800-5740 levels in the near term.

Nirmal Bang has come out with its technical report on Nifty. The research firm expects selling pressure to continue at higher levels. The index is likely to decline towards the 5800-5740 levels in the near term.

Indian Indian equity markets settled lower for the fourth consecutive week as investors remained cautious ahead of Budget. The sentiment was dampened due to weak global markets on renewed concerns the US Federal Reserve may consider policy-tightening, which will reduce global liquidity. Metal, FMCG and Bankex dropped the most in the sectoral indices. The 30-share index, Sensex declined 151.14 points or 0.78percent over previous week to 19,317.01. On the other hand, the broad based NSE Nifty dropped 37.10 points, or 0.63percent, to 5,850.3. Meanwhile, BSE Midcap index fell 0.27percent while Smallcap index gained 0.36percent.

Nifty Technical Outlook:
 
Nifty declined below the crucial levels of 5,880 and closed below it. The index faces crucial hurdles at 5,900 & 5,920 levels on the upside, expect selling pressure to continue at higher levels. The index is likely to decline towards the 5,800 & 5,740 levels in the near term.

Bank Nifty:

The Bank Nifty has closed below the important support of 12,150 levels expect declines to the 11,850 & 11,800 levels. There is a strong resistance at 12,280 & 12,300 levels on the upside where selling pressure is expected.

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To read the full report click here

READ MORE ON  Nirmal Bang, Nifty

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