Rana, who got a bye in the first round, defeated China's Gaoquan Zhang 2-1 1-1 to reach the semifinal of the Greco Roman category.
In the semi-final however, Ji-Hun Kim of Korea proved too much for the local lad, who comprehensively defeated him 7-0 4-0.
By virtue of being a semifinal loser, Rana will take on Kazakhstan's Yerbol Konyratov, who won his repechage round to set up a bronze medal bout.
In the first contest, Sharma got the first point by executing a takedown on his Kazakhstani opponent, Zhanserik Sarsenbiyev.
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However, the Kazakh levelled the proceedings instantly cutting short the excitement of the Indian coaches. The two-first period finished 1-1.
Sharma came back strongly in the second period to surprise his opponent twice in the first minute before taking the period 2-0.
He will take on North Korea's Won Chol Yun who lost to Gyu-Jin in the semi-final.