Indian Equities settle sharply lower on Thursday - Nirmal Bang

Indian equities settled sharply lower on Thursday led by realty and IT stocks. The sentiments remained subdued on concerns over political uncertainties as well as economic health of the country. Weaker US data added to the negative sentiment, sending almost all global indices in red zone. IT stocks which have been outperforming in last couple of sessions, also fell down majorly following weaker US data.

At the close, the benchmark 30-share index, BSE Sensex lost 291.94 points or 1.55% at 18,509.70 with 24 components posting drop. Meanwhile, the broad based NSE Nifty went down by 98.15 points or 1.73% at 5,574.75 with 46 components registering drop.

Nifty declined below the crucial levels of 5,600 and has closed below it. Nifty has a strong support at 5,540-5,520 levels on the downside. If Index manages to sustain above these levels for couple of trading sessions one can expect short term bounce to 5,630 levels which faces crucial resistance on the upside, There is an immediate resistance at 5,630 levels on the upside and on a decisive close above expect rise to 5,670 & 5,720 levels.

Action: Nifty has an immediate support at 5,540 and on a decisive close below expects declines to 5,500 levels.

The Bank Nifty has closed below the important support of 11250 levels expect declines to the 11,050 & 10950 levels. There is a strong resistance at 11,370 & 11,450 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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