Indian markets ended the choppy session on a flat note on Friday. Realty, auto and metal witnessed a rise while power, capital goods and banking stocks traded lower. Meanwhile the services PMI in September continued to be lower for third consecutive month, which also led to selling pressure on rallies.
European markets were weak too and further weakened market sentiment.At the close, the 30-share benchmark index, BSE Sensex ended flat with a rise of 13.88 points or 0.07 percent at 19,915.95, 15 components posting rise. While the broad based NSE Nifty closed flat with a decline of 2.40 points or 0.04 percent, at 5,907.30.31 components registering drop.
Nifty witnessed yet another volatile trading session on Friday. It seems that the market is currently in an indecision phase. There is an immediate resistance at 5950 and 5960 levels on the upside and support resides at 5850 and 5820 levels on the downside. One can expect trending action only on breach of either side, till then expect ranging action to continue in the near term.
The Bank Nifty faces strong resistance around the 10,300 and 10,320 levels on the upside where selling pressure is expected and one should maintain a positive bias only on close above this. There is an immediate support at 10,050 levels and on the downside.
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Support for Nifty at 5820-5850: Nirmal Bang
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