Indian equities settled higher on Wednesday - Nirmal Bang

Indian equity settled higher on Wednesday on the back of Indian government's decision to raise the foreign investment (FDI) limit in the various sectors. FMCG, consumer durables and IT gained while banking, metal, auto and realty stocks traded lower.

At the close, the benchmark 30-share index, BSE Sensex gained 97.50 points or 0.49% at 19,948.73 with 16 components registering rise. Meanwhile, the broad based NSE Nifty went up by 18.05 points or 0.30% at 5,973.30 with 20 components registering rise.

Nifty has managed to close above the recent hurdles of 5,960 which is a bullish signal. The index has strong support at 5,910 levels on the downside. There is an immediate resistance at 5,990 levels and on a decisive close above expect rise to 6,050 & 6,120 levels.

Action: Nifty has an immediate resistance at 5990 levels and on a decisive close above expect rise to 6,120 levels.

The Bank Nifty after a sharp decline has managed to hold the crucial support of 10,800 levels; one can expect a short term bounce as most of the technical indicators remain in the oversold territory. There is an immediate resistance at 11,150 levels on the upside and on a decisive close above expect rise to 11,250 & 11,300 levels.

Source : Equity Bulls

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