Indian Equity settles higher on Thursday - Nirmal Bang

Indian equity settled higher on Thursday. The market remained lackluster for most part of the day due to F&O expiry. However, the recovery in the last hour of trade helped the markets to post modest gain. Auto, FMCG and power stocks saw buying interest, Realty and metal stocks fell sharply.

At the close, the benchmark 30-share index, BSE Sensex added 67.76 points or 0.34% at 20,215.40 with 15 components registering rise. Meanwhile, the broad based NSE Nifty went up by 19.75 points or 0.32% at 6,124.05 with 26 components posting rise.

Nifty has held the crucial support of 6,050 levels for couple of trading session and one can expect the rally to continue to 6,150-6,170 levels. There is an immediate resistance at 6,170 levels on the upside and one can expect profit booking at higher levels to continue.

Action: Nifty has an immediate support at 6,050 levels and resistance at 6,170 levels on the upside.

Bank Nifty has closed below the important support of 12,950 levels which is bearish signal. There is an immediate support at 12,720 & 12,700 levels and break below one can expect further weakness and declines to 12,550 levels. There is a strong resistance at 13,100 & 13,150 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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