Indian equity ended the volatile session higher on Tuesday. IT, metal and FMCG stocks gained while realty and banking stocks witnessed selling pressure. At the close, the benchmark 30-share index, BSE Sensex gained 61.56 points or 0.31 percent at 19,804.03 with 18 components registering rise. Meanwhile, the broad based NSE Nifty climbed by 9.20 points or 0.16 percent at 5,850.20 with 29 components registering rise.
Nifty has been in a range since past few days and has formed bearish candle pattern on daily charts which indicates that 5,880 and 5,930 levels would act as strong resistance on the upside. Selling pressure is expected at higher levels and one should maintain a sell on rise approach.
Bank Nifty faces strong resistance around the 10,400-10,500 levels on the upside where selling pressure is expected. There is an immediate support at 10,170 levels and on a decisive close below one can expect further weakness and declines to 9,850-9,750 levels.
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Resistance for Nifty at 5880-5930: Nirmal Bang
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