Indian Markets settle lower on heavy selling pressure - Nirmal Bang

Indian markets settled lower on Wednesday on the back of heavy selling pressure seen in realty, power and PSU stocks. Moreover, the DMK's pullout from the ruling UPA coalition as well as the Cypriot parliament's decision to reject a bailout proposal weighed on investor sentiment.

At the close, the benchmark 30-share index, BSE Sensex declined 123.91 points or 0.65% at 18,884.19 with 19 components registering drop. Meanwhile, the broad based NSE Nifty fell by 51.55 points or 0.90% at 5,694.40 with 37 components registering drop.

Nifty has a strong support at 5,660-5,680 levels on the downside. If Index manages to sustain above these levels for couple of trading sessions one can expect short term bounce to 5,820 levels which faces crucial resistance on the upside, expect selling pressure to continue at higher levels.

There is strong resistance at 11,350 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 11,550. Bank Nifty has immediate support at 11,250-11,200 levels on the downside.

Source : Equity Bulls

Keywords