Selling pressure to continue in Nifty on rise: Nirmal Bang

Nirmal Bang has come out with its technical report on Nifty. According to the research firm, Nifty has sustained below the crucial levels of 5880 and is trading below it. The index faces crucial hurdles at 5900-5920 levels on the upside, expect selling pressure to continue at higher levels.
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Feb 26, 2013, 09.15 AM | Source: Moneycontrol.com

Selling pressure to continue in Nifty on rise: Nirmal Bang

Nirmal Bang has come out with its technical report on Nifty. According to the research firm, Nifty has sustained below the crucial levels of 5880 and is trading below it. The index faces crucial hurdles at 5900-5920 levels on the upside, expect selling pressure to continue at higher levels.

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Selling pressure to continue in Nifty on rise: Nirmal Bang

Nirmal Bang has come out with its technical report on Nifty. According to the research firm, Nifty has sustained below the crucial levels of 5880 and is trading below it. The index faces crucial hurdles at 5900-5920 levels on the upside, expect selling pressure to continue at higher levels.

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, Nirmal Bang |

Nirmal Bang has come out with its technical report on Nifty. According to the research firm, Nifty has sustained below the crucial levels of 5880 and is trading below it. The index faces crucial hurdles at 5900-5920 levels on the upside, expect selling pressure to continue at higher levels.

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 0.78% over previous week to 19,317.01. On the other hand, the broad based NSE Nifty dropped 37.10 points, or 0.63%, to 5,850.3. Meanwhile, BSE Midcap index fell 0.27% while Smallcap index gained 0.36%.

Nifty Technical Outlook:

Nifty has sustained below the crucial levels of 5,880 and is trading 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 s trading below the important support of 12,150 levels and expect it to decline 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.

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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