Indian markets settle higher on Wednesday - Nirmal Bang

Indian markets settled higher on Wednesday led by capital goods, banking and realty stocks. Markets opened in the positive and gained momentum as the day progressed. Short covering was also witnessed ahead of F&O expiry day tomorrow. European indices were mixed, Asian indices were positive after the formation of new government in Japan. At the close, the benchmark 30-share index, BSE Sensex gained 162.37 points or 0.84% at 19,417.46 with 22 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 49.85 points or 0.85% at 5,905.60 with 40 components registering rise.

Nifty Technical Outlook

Nifty has managed to sustain & close above the 5,880-5,900 levels which is a bullish signal. The index has strong support at 5,820 levels on the downside. There is an immediate resistance at 5,940 levels on the upside and on a close above expect rise to 6,080 & 6,140 levels.

Action: Nifty maintains a buy on dip approach and expects targets of 5,950 & 6,080 levels

Source : Equity Bulls

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