Indian markets settle higher led by IT stocks - Nirmal Bang

Indian markets settled higher for the second consecutive day on Wednesday led by IT stocks. However, mid and small-cap stocks witnessed a selloff. At the close, the benchmark 30-share index, BSE Sensex gained 47.04 points or 0.24% at 19,608.08 with 13 components posting rise. Meanwhile, the broad based NSE Nifty went up by 10.45 points or 0.18% at 5,932.95 with 20 components posting rise.

Nifty has a strong support at 5,870-5,900 levels on the downside. If Index manages to sustain above these levels for couple of trading sessions one can expect short term bounce to 6,020 levels which faces crucial resistance on the upside, expect selling pressure to continue at higher levels.

Action: Nifty has an immediate resistance at 5,940 and on a decisive close above expect rise to 6,020 levels.

There is strong resistance at 12,450 & 12,500 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 12,650. Bank Nifty has immediate support at 12,280-12,250 levels on the downside.

Source : Equity Bulls

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