Bank Nifty to face immediate resistance around 11180 levels - Nirmal Bang

Indian equity ended down 0.36% on yesterday. Weakness in Indian rupee once again weighed on the markets. The rupee touched an all-time low of Rs 60.34 per dollar today. Weakness was seen in Auto & Metal stocks whereas the IT stocks provided some support to the markets At the close, the benchmark 30-share index, BSE Sensex decline -77.03 points or -0.41% at 18552.12. Meanwhile, the broad based NSE Nifty fell by -20.4 points or -0.36% at 5588.7.

Nifty Technical Outlook

Nifty has managed to hold the crucial support of 5,580 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 5,670 levels on the upside and on a decisive close above expect rise to 5,730 & 5,760 levels.

Action: Nifty has an immediate resistance at 5,670 levels and decisive close above expect rise to 5,760 levels.

The Bank Nifty faces immediate resistance around the 11,180 levels on the upside and on a decisive close above expect rise to 11,280 & 11,320 levels. There is an Immediate Support at 11,100 levels on the downside.

Source : Equity Bulls

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