Indian equities settled volatile session lower on Tuesday - Nirmal Bang

Indian equities settled volatile session lower on Tuesday led by losses seen in realty, auto, power and PSU stocks. However, IT stocks gained. Sentiment was dampened after the rupee depreciated 30 paise against the dollar, touching a three-month low of 55.2975. Selling pressure further intensified as investors tracking weakness in the European markets decided to pare positions.

At the close, the benchmark 30-share index, BSE Sensex lost 112.37 points or 0.56% at 20,111.61 with 21 components registering drop. Meanwhile, the broad based NSE Nifty fell by 42.80 points or 0.70% at 6,114.10 with 40 components posting drop.

There is an Immediate Resistance at 6,150-6,170 levels on the upside, expect selling pressure to continue at higher levels unless index manages to sustain and close above it. There is a crucial support at 6,080-6,050 levels.

Action: Nifty has an immediate resistance at 6,150 and support at 6080 levels. Break on either side one can expect a trending action.

Bank Nifty faces immediate resistance around the 13,170 levels on the upside. There is an Immediate Support at 13,000 levels on the downside and on decisive close below expect declines to 12,850 levels.

Source : Equity Bulls

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