Nifty has immediate resistance at 5720: Nirmal Bang

Nirmal Bang has come out with its technical report on Indian markets.  According to the research firm, Nifty has managed to hold the crucial support of 5630 levels for couple of trading session and one can expect a short bounce as most of the technical indicators remain in the oversold territory. It has immediate resistance at 5720.

Market Review:

Indian markets settled the truncated week on a positive note. However, sentiments remained subdued on renewed concern over Cyprus bailout details and possibility of similar bailout for other European economies facing banking crisis. Domestic political situation also weighed on the sentiments following Samajwadi Party's threat to move out of the UPA Government, raising possibility over early polls in 2013. The 30-share benchmark index, Sensex climbed 100.17 points, or 0.53%, to 18,835.77 in the week ended Mar. 28, 2013. On the other hand, the broad based NSE Nifty rose 31.2 points, or 0.55%, to 5,682.55 in the same period

Nifty Technical Outlook:

Nifty has managed to hold the crucial support of 5,630 levels for couple of trading session and one can expect a short bounce as most of the technical indicators remain in the oversold territory. There is an immediate resistance at 5,720 levels on the upside and on a decisive close above expect rise to 5,800 & 5,830 levels.

Bank Nifty:

The Bank Nifty faces immediate resistance around the 11,380 levels on the upside, on a decisive close above expect rise to 11,460 & 11,520 levels. There is an Immediate Support at 11,300 levels on the downside.

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