Indian Markets plunged on Wednesday as Rupee hits record low of 64.51 - Nirmal Bang

Indian markets plunged on Wednesday after the rupee slipped to a record low of 64.51 against dollar. Metal, oil & gas, realty and FMCG led the sharp fall.

At the close, the benchmark 30-share index, BSE Sensex lost 340.13 points or 1.86% at 17,905.91 with 25 components posting drop. Meanwhile, the broad based NSE Nifty fell by 98.90 or 1.83% at 5,302.55 with 43 components registering drop.

Nifty has been in a sharp down trend forming a series of lower highs and lows. The index faces crucial hurdles at 5,300 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 5,220 & 5,150 levels.

Action: Nifty has an immediate support at 5,270 and on a decisive close below expect declines to 5,150 levels.

Bank Nifty faces strong resistance around the 9,280 &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 9,150 levels and on a decisive close below one can expect further weakness and declines to 8,950-8,850 levels.

Source : Equity Bulls

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