Indian Markets settle lower on Tuesday - Nirmal Bang

Indian markets settled lower on Tuesday reversing earlier gains. Nifty had shown strength in early trade today and crossed the important level of 6,100 for the first time in 2 years. However, soon was succumbed to profit booking and fell by over a percent in today's trade. At the close, the benchmark 30-share index, BSE Sensex lost 120.25 or 0.60% at 19,981.57 with 21 components posting drop. Meanwhile, the broad based NSE Nifty went down by 33.80 or 0.56% at 6,048.50 with 38 components registering drop.

The index has strong support at 6,020 levels on the downside. There is an immediate resistance at 6,080 levels on the upside and on a decisive close above expect rise to 6,150 & 6,200 levels.

Action: Nifty has an immediate resistance at 6,080 on the upside; and on a decisive close above expect rise to 6,150 & 6,200 levels.

The Bank Nifty faces immediate resistance around the 12,880 levels on the upside, on a decisive close above expect rise to 13,260 & 13,350 levels. There is an Immediate Support at 12,600 levels on the downside.

Source : Equity Bulls

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