The BSE Sensex tumbled more than 500 points or 2.7 per cent from its intra-day high of 19,322.2 to its intra-day low of 18,793.9 before making some recovery to finish the session at 18,861 on Thursday.
It has plummeted 290.8 points or 1.5 per cent from its previous close of 19,152.4 to 18,861.5 levels as >Budget 2013 disappointed investors. The Sensex decisively breached its significant support at 19,000 in the previous session and is hovering well below its 21- and 50-day moving averages. From its recent peak of 20,203.60 registered in late January, the index has declined 6.6 per cent. Short-term trend for the Sensex is down. If the Sensex declines further, support is at around 18,590 levels. Next key support for the index is at around 18,285 levels. On the other hand, important resistances are at 19,000 and at 19,460. Strong rally above 19,660 is required to alter its short-term downtrend and take it higher to the 20,000-mark.
Nifty -- Downward momentum
S&P CNX Nifty plunged 103.8 points or 1.8 per cent to end the session at 5,693 on Thursday. It decisively broke through its key long-term support at 5,750 level on Thursday. Short-term trend has been down for Nifty since registering peak at 6,111.8 in late January. The index is hovering well below its 21- and 50-day moving averages. The daily indicators and oscillators are featuring in the bearish zone implying downward momentum. Nifty has immediate support at 5,650 levels. A strong decline below this level will test subsequent support in the band between 5,526 and 5,550. Significant resistance for the index are positioned at 5,750 and then at 5,850.