Indian equities extended losses on Wednesday - Nirmal Bang

Indian equities extended losses at the close on Wednesday led by FMCG, consumer durables and metal stocks. At the close, the benchmark 30-share index, BSE Sensex declined 75.93 points or 0.38% at 19,666.59 with 19 components registering drop. Meanwhile, the broad based NSE Nifty went down by 30.20 points or 0.50% at 5,971.50 with 39 components posting drop.

Nifty after the intraday decline has managed to hold the crucial support of 5,960 and if it manages to sustain these levels for couple of trading session one can expect a short bounce to 6,020 in the near term. There is an immediate resistance at 6,030 levels on the upside and on a decisive close above expect rise to 6,080 & 6,150 levels.

Action: Nifty has an immediate resistance at 6,030 and on a decisive close above expect rise to 6,080 & 6,150 levels.

Bank Nifty faces immediate resistance around the 12,850 levels on the upside and on a decisive close above expect rise to 13,260 & 13,350 levels. There is an Immediate Support at 12,700 levels on the downside.

Source : Equity Bulls

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