Indian Markets settle sharply lower on Thursday - Nirmal Bang

Indian market settled sharply lower on Thursday ahead of IIP data. Metal, banking, consumer durables and auto stocks were worst hit. At the close, the benchmark 30-share index, BSE Sensex declined 215.57 points or 1.08% at 19,781.88 with 23 components registering drop. Meanwhile, the broad based NSE Nifty went down by 62.45 points or 1.06% at 5,850.7 with 40 components registering drop.

Nifty after a sharp rise observed some profit booking yesterday. Recently there is Bearish candle pattern formed on daily charts which indicates that 5,880 & 5,930 levels would act as strong resistance on the upside.

Action: Nifty has an immediate support at 5,810 and on a decisive close below expect declines to 5,740 & 5,680 levels.

Bank Nifty faces strong resistance around the 10,400 levels on the upside where selling pressure is expected. There is an immediate support at 10,050 levels and on a decisive close below one can expect further weakness and declines to 9,850-9,750 levels.

Source : Equity Bulls

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