Sensex slips below 20000 on expiry day - Nirmal Bang

Indian equities ended lower with Sensex slipping below 20,000 on expiry day. Gains in realty and PSU were offset by losses in banking, oil & gas and IT sectors.

At the close, the benchmark 30-share index, BSE Sensex lost 110.02 points or 0.55% at 19,894.98 with 19 components registering drop. Meanwhile, the broad based NSE Nifty went down by 21 points or 0.35% at 6,034.75 with 29 components registering drop.

Nifty Technical Outlook

Nifty is stuck in a tight range as there is an Immediate Resistance at 6,100 levels on the upside, expect selling pressure to continue at higher levels unless index manages to sustain and close above it. The breaks of crucial support of 6,020-6,000 levels expect declines to 5,960 & 5,930 levels in the near term.

Action: Nifty has an immediate resistance at 6,100 on the upside and support at 6,000 on the downside.

There is strong resistance at 12,850 & 12,900 levels on the upside, where selling pressure is expected one should maintain a positive bias only on close above this for an upside potential to 13,350. Bank Nifty has immediate support at 12,450-12,550 levels on the downside.

Source : Equity Bulls

Keywords