Nifty has support at 5920-5900: Fortune Financial

Nifty index closed the day at 5939 points up 41 points over the close of previous day. Market was dull till late afternoon and then rallied by over percent to close at days high. Market was also good at 2:1. After more than three weeks Nifty has a seen rally like this. Currently index has immediate resistance at 5950 levels. Above this next resistance is seen at 5980 levels where we could see selling emerging in Nifty. Market is likely to remain range bound till budget. Hence look to sell to on rise and buy dips till then. On the downside for the day Nifty has support at 5920 and then 5900 levels.

Bank Nifty:
 
Bank Nifty closed the day at 12413 points up by 66 points over the close of previous day. The up move is likely to continue higher. Index will face resistance in the region of 12500-12550 levels. On the downside support is seen at 12300 and below that at 12250 levels. Overall Bank Nifty is likely to trade in range of 12500 and 12250 levels.

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