Indian Equities settled sharply lower on Thursday - Nirmal Bang

Indian equity settled sharply lower on Thursday tracking global markets on concern over comments by US Federal Reserve Chairman Ben Bernanke and weakness in China's factory activity. Japanese markets crashed 1143 points or 7.3% on Thursday. The broad based heavy sell-off was triggered by spike in government bond yields, weak China manufacturing data and a falling dollar. European markets also fell more than 2%.

At the close, the benchmark 30-share index, BSE Sensex declined 387.91 points or 1.93% at 19,674.33 with 28 components posting drop. Meanwhile, the broad based NSE Nifty went down by 127.45 or 2.09% at 5,967.05 with 50 components registering drop.

Nifty declined below the crucial levels of 6,000 and has closed below it. The index faces crucial hurdles at 6,050 & 6,080 levels on the upside, expect selling pressure to continue at higher levels. The index is likely to decline towards the 5,920 & 5,870 levels in the near term.

Action: Nifty has an immediate support at 5960 levels on the downside and on decisive close below expects declines to 5,920 & 5,870 levels.

Bank Nifty faces immediate resistance around the 12,780 levels on the upside. There is an Immediate Support at 12,600 levels on the downside and on decisive close below expect declines to 12,450 levels.

Source : Equity Bulls

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