Indian Equities under pressure - Nirmal Bang

Indian equity remained under pressure on yesterday. Profit booking & negative global cues weighed on the markets. Ranbaxy ended up more than 6% on yesterday account of the statement by the USFDA that there is no evidence of major current good manufacturing practices violations in the company.

At the close, the benchmark 30-share index, BSE Sensex decline -113.5 points or -0.70% at 19463.8. Meanwhile, the broad based NSE Nifty fell by -41.3 points or -0.58% at 5857.5.

Nifty Technical Outlook

Nifty formed a reversal candle at the falling trend line drawn from its Jan'13 highs which indicates that 5,900 levels to be crucial hurdles on the upside. There is an immediate support at 5,820 and break would one can expect further declines to 5,750.

Action: Nifty has an immediate support at 5,820 levels and decisive close below expect declines to 5,750-5,700 levels.

Bank Nifty faces immediate resistance around the 11,750 levels on the upside as it coincides with the falling window pattern. The index has closed below the important support of 11,600 levels expect declines to the 11,350 levels.

Source : Equity Bulls

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