SENSEX NIFTY
Feb 22, 2013, 11.15 AM IST | Source: Moneycontrol.com

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

Nirmal Bang has come out with its technical report on Nifty. According to the research firm, the Nifty faces crucial hurdles at 5900-5920 levels on the upside, expect selling pressure to continue at higher levels. The Nifty is likely to decline towards the 5800-5740 levels in the near term.

Nirmal Bang has come out with its technical report on Nifty. According to the research firm, the Nifty faces crucial hurdles at 5900-5920 levels on the upside, expect selling pressure to continue at higher levels. The Nifty is likely to decline towards the 5800-5740 levels in the near term.

Indian markets plunged, snapping three day winning streak, on Thursday tracking global selloff. Global markets fell sharply on renewed concerns the US Federal Reserve may consider policy-tightening, which will reduce global liquidity. The Budget session of Parliament started today with President Pranab Mukherjee address to a joint sitting of both houses.
At the close, the benchmark 30-share index, BSE Sensex declined 317.39 points or 1.62% at 19,325.36 with 29 components posting drop. Meanwhile, the broad based NSE Nifty went down by 90.80 points or 1.53% at 5,852.25 with 51 components posting drop

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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