Indian Markets end sharply lower on Monday - Nirmal Bang

Indian markets ended sharply lower on Monday on the back of weak rupee. Rupee has recorded a fresh low of 63.13 against US dollar, which raised concern over possibility of more measures from the RBI to bring stability in the Forex market. Banking, auto and healthcare stocks led the decline.

At the close, the benchmark 30-share index, BSE Sensex declined 290.66 points or 1.56% at 18,307.52 with 24 components posting drop. Meanwhile, the broad based NSE Nifty went down by 93.10 points or 1.69% at 5,414.75 with 37 components registering drop.

Nifty has observed a sharp decline and has breached all the important support levels. The index faces crucial hurdles at 5,430 levels on the upside, expect selling pressure to continue at higher levels. One should maintain a sell on rise approach and expect further declines to 5,300 & 5,250 levels

Action: Nifty has an immediate support at 5,380 and on a decisive close below expect declines to 5,250 levels.

Bank Nifty faces strong resistance around the 9,250 & 9,300 levels on the upside where selling pressure is expected and one should maintain a sell on rise approach. There is an immediate support at 9,050 levels and on a decisive close below one can expect further weakness and declines to 8,850-8,750 levels.

Source : Equity Bulls

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