Nifty may fall to 5720-5680 in near term: Nirmal Bang

Market Review:

Railway Minister Pawan Bansal's maiden Budget failed to impress the Street. Indian equities plunged today with Nifty dipping below 5,800 amid a huge selloff. Oil & gas, auto and capital goods were badly hit. At the close, the benchmark 30-share index, BSE Sensex declined 316.55 points or 1.64% at 19,015.14 with 25 components posting drop. Meanwhile, the broad based NSE Nifty fell by 93.40 points or 1.60% at 5,761.35 with 44 components registering drop.

Nifty Technical Outlook:
 
Nifty declined below the crucial levels of 5,800 and closed below it. The index faces crucial hurdles at 5,820 & 5,850 levels on the upside, expect selling pressure to continue at higher levels. The index is likely to decline towards the 5,720 & 5,680 levels in the near term.

Bank Nifty:

The Bank Nifty has breached the important support of 11,900 levels and expects it to decline to the 11,750 & 11,700 levels. There is a strong resistance at 11,920 & 11,950 levels on the upside where selling pressure is expected.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.