Indian markets ended the July expiry series sharply lower on Thursday - Nirmal Bang

Indian markets ended the July expiry series sharply lower on Thursday led by FMCG, metal and healthcare stocks.

At the close, the benchmark 30-share index, BSE Sensex lost 285.92 points or 1.42% at 19,804.76 with 25 components posting drop. Meanwhile, the broad based NSE Nifty went down by 83 points or 1.39% at 5,907.50 with 41 components posting drop.

Nifty has declined sharply from its recent highs and has breached the curial short term support levels of 5,950. The immediate downside target for the index is at 5,850 levels. Recently there is Bearish candle pattern formed on weekly charts which indicates that 5,960 & 6,000 levels would act as strong resistance on the upside.

Action: Nifty has an immediate support at 5,900 levels and on a decisive close below expect declines to 5,850 levels.

Bank Nifty faces strong resistance around the 10,850 levels on the upside where selling pressure is expected and one should maintain a sell on rise approach. There is an immediate support at 10,550 levels and on a decisive close below one can expect further weakness and declines to 10,450-10,250 levels.

Source : Equity Bulls

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