Nifty may decline to 5800-5740 in near term: Nirmal Bang

Indian markets plunged, snapping three day winning streak, on Thursday tracking global selloff. Global markets fell sharply on renewed concerns the US Federal Reserve may consider policy-tightening, which will reduce global liquidity. The Budget session of Parliament started today with President Pranab Mukherjee address to a joint sitting of both houses.
At the close, the benchmark 30-share index, BSE Sensex declined 317.39 points or 1.62% at 19,325.36 with 29 components posting drop. Meanwhile, the broad based NSE Nifty went down by 90.80 points or 1.53% at 5,852.25 with 51 components posting drop

Nifty Technical Outlook:
 
Nifty declined below the crucial levels of 5,880 and closed 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 has closed below the important support of 12,150 levels expect declines 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.

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