Techincal View on Bank Nifty (28th March ’11)
Markets gained smartly in late-noon trades on the back of buying in IT stocks. A positive closing for Asian markets and reports that the government has tabled some key reform bills in parliament this week helped the index to end in the positive for the fourth straight day. The S&P CNX Nifty closed at 5654.25, up 131.25 points or +2.39 %.
The Nifty futures closed and settled finally at 5674, up by 128.20 points or 2.31 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5715 else below 5570 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 5715 & above this level the next resistance is seen near the 5800 mark.
SUPPORT: It has first support close to the level of 5570 & below this level the next support is seen near 5510 mark.
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