Indian Equities end in red for third consecutive session - Nirmal Bang

Indian equity ended in red for the third consecutive session yesterday. The markets managed to trade in green in first half of the trading session but failed to sustain the gains. Buying interest was observed in Healthcare stockslead by Auropharma, Ranbaxy & Cadila healthcare. The 30-share benchmark index, Sensex down -64.7 points, or -0.33% to 19546. The broad based NSE Nifty moved down-19.8 points or -0.33 % to 5,939.

There is an Immediate Resistance at 5,950-5,970 levels on the upside expect selling pressure to continue at higher levels. Traders can maintain can maintain a sell on rise on rise approach as the index has confirmed a short term trend reversal. There is a crucial support at 5,900 levels and on decisive close below expect declines to 5,840 & 5,780 levels.

Action: Nifty has an immediate support at 5,900 levels and decisive close below expect declines to 5,840 levels.

The Bank Nifty has closed below the important support of 12,400 levels and close below 12,250 one can expect further weakness and declines to 12,050 levels. There is a strong resistance at 12,380 & 12,400 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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