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Home » News » Brokerage Recos - Technical

Feb 27, 2013, 09.08 AM | Source: Moneycontrol.com

Nifty may fall to 5720-5680 in near term: Nirmal Bang

Nirmal Bang has come out with its technical report on Nifty. The research firm expects selling pressure to continue in Nifty at higher levels. The index is likely to decline towards the 5720-5680 levels in the near term.

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Nifty may fall to 5720-5680 in near term: Nirmal Bang

Nirmal Bang has come out with its technical report on Nifty. The research firm expects selling pressure to continue in Nifty at higher levels. The index is likely to decline towards the 5720-5680 levels in the near term.

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, Nirmal Bang |

Nirmal Bang has come out with its technical report on Nifty. The research firm expects selling pressure to continue in Nifty at higher levels. The index is likely to decline towards the 5720-5680 levels in the near term.

Market Review:

Railway Minister Pawan Bansal's maiden Budget failed to impress the Street. Indian equities plunged today with Nifty dipping below 5,800 amid a huge selloff. Oil & gas, auto and capital goods were badly hit. At the close, the benchmark 30-share index, BSE Sensex declined 316.55 points or 1.64% at 19,015.14 with 25 components posting drop. Meanwhile, the broad based NSE Nifty fell by 93.40 points or 1.60% at 5,761.35 with 44 components registering drop.

Nifty Technical Outlook:
 
Nifty declined below the crucial levels of 5,800 and closed below it. The index faces crucial hurdles at 5,820 & 5,850 levels on the upside, expect selling pressure to continue at higher levels. The index is likely to decline towards the 5,720 & 5,680 levels in the near term.

Bank Nifty:

The Bank Nifty has breached the important support of 11,900 levels and expects it to decline to the 11,750 & 11,700 levels. There is a strong resistance at 11,920 & 11,950 levels on the upside where selling pressure is expected.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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