Disappointing growth forecast spooks Indian Markets - Nirmal Bang

Indian equities ended lower on Thursday as disappointing economic growth forecast triggered broad based selling. Consumer durables, realty, power and metals stocks led the decline. At the close, the benchmark 30-share index, BSE Sensex lost 59.40 points or 0.30% at 19,580.32 with 18 components registering drop. Meanwhile, the broad based NSE Nifty went down by 20.40 or 0.34% at 5,938.80 with 35 components registering drop.

Nifty declined below the crucial levels of 5,950 and closed below it. The index faces crucial hurdles at 5,980 & 6,020 levels on the upside, expect selling pressure to continue at higher levels. The index is likely to decline towards the 5,900 & 5,840 levels.

Action: Nifty has an immediate resistance at 5,980 expect selling pressure to continue at higher levels.

The Bank Nifty has closed below the important support of 12,450 levels expect declines to the 12,300 & 12,150 levels. There is a strong resistance at 12,480 & 12,550 levels on the upside where selling pressure is expected.

Source : Equity Bulls

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