Indian Markets end lower on Thursday - Nirmal Bang

Indian markets ended lower on Thursday amid F&O expiry led by IT, oil & gas and metal stocks. The key Indian stock indices kept swinging between gains and losses throughout the day, oscillating on both the sides of equator. The markets slipped further during the last half and hour of trade leading to a weak market breadth. At the close, the benchmark 30-share index, BSE Sensex lost 93.66 points or 0.48% at 19,323.80 with 20 components posting drop. Meanwhile, the broad based NSE Nifty went down by 35.50 points or 0.60% at 5,870.10 with 37 components registering drop.

Nifty Technical Outlook

There is an immediate resistance at 5,900-5,950 levels on the upside and support resides at 5,820-5,800 levels on the downside. One can expect trending action only on breach of either side, till then expect ranging action to continue in the near term, expect selling pressure to continue at higher levels.

Action: Nifty faces immediate resistance at 5950 & support at 5820 levels on the downside.

Bank Nifty:

Bank Nifty faces strong resistance around the 12,550 levels on the upside and on a decisive close above expect rise to 12,780 & 12,850 levels. There is an Immediate Support at 12,300 levels on the downside.

Source : Equity Bulls

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