Indian Equities settle on a buoyant note on Wednesday - Nirmal Bang

Indian equities settled on a buoyant note on Wednesday led by buying in HDFC, L&T and TCS amid a firm global trend. On sectoral front, IT, banking and capital goods stocks witnessed a surge. The Auto stocks were in momentum despite a decline in car sales. According to SIAM India's car sales fell by 6.7% in the financial year that ended in March. Stocks like Tata Motors, Bajaj Auto and Maruti were among the top gainers. At the close, the benchmark 30-share index, BSE Sensex gained 187.97 points or 1.03% at 18,414.45 with 20 components registering rise. Meanwhile, the broad based NSE Nifty climbed by 63.60 points or 1.16% at 5,558.70 with 38 components registering rise.

Nifty has managed to close above the recent hurdles of 5,520 which is a bullish signal. The index has strong support at 5,480 levels on the downside. There is an immediate resistance at 5,600 levels on the upside and on a decisive close above expect rise to 5,680 & 6,720 levels.

Action: Nifty has an immediate resistance at 5,600 and on a decisive close above expects rise to 5,720 levels.

The Bank Nifty faces immediate resistance around the 11,200 levels on the upside, on a decisive close above expect rise to 11,360 & 11,450 levels. There is an Immediate Support at 11,100 levels on the downside.

Source : Equity Bulls

Keywords