Indian Market ends volatile session lower on Wednesday - Nirmal Bang

Indian market ended the volatile session lower on Wednesday led by oil & gas, auto, realty, PSU and power stocks.

At the close, the benchmark 30-share index, BSE Sensex declined 145.36 points or 0.75% at 19,294.12 with 22 components posting drop. Meanwhile, the broad based NSE Nifty went down by 42.30 points or 0.72% at 5,816.70 with 37 components posting drop.

Nifty Technical Outlook

Nifty after a sharp gap up opening is likely to surpass the resistance of 5,880-5,900 levels. The index managed to hold the crucial support of 5,800 levels and bounced sharply and one should maintain a positive bias in the near term if the markets sustain and close above 5,900 levels for an upside target of 5,950 & 5,980 levels.

Action: Nifty has an immediate resistance at 5,900 levels and on a decisive close above expect rise to 5,980 levels.

The Bank Nifty has managed to hold the crucial support of 11,300 levels for couple of trading session and one can expect a short bounce as most of the technical indicators remain in the oversold territory. There is an immediate resistance at 11,400 levels on the upside and on a decisive close above expect rise to 11,550 & 11,650 levels.

Source : Equity Bulls

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