On Thursday, Sensex closed 5.43 points or 0.01 per cent flat to end at 65,930.77, and Nifty closed 9.85 or 0.05 per cent lower at 19,802.
Among the Nifty firms, BPCL, Bajaj Auto, Hero Motocorp, Eicher Motors were among the top gainers. On the other hand, Cipla, SBI Life, UltraTech Cement, LTIMindtree were among the top losers.
According to the exchange data, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 306.56 crore on Wednesday.
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Vinod Nair, Head of Research at Geojit Financial Services said, ‘Range-bound momentum continued on main indexes as the market looked for new triggers for a decisive move beyond the 19800 level. However, broad markets’ undercurrent is strong and rapid buying has emerged in the mid- and small-cap counters as bargaining strategy arose on recent underperforming stocks.’
Jatin Gedia – Technical Research Analyst at Sharekhan said, ‘The Nifty opened on a positive note however it could not build upon it and witnessed selling pressure at higher levels. It closed the day on a negative note down 10 points.
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On the daily charts we can observe that Nifty made an attempt to break above 19850 however today it was unable to do so. The structure is still positive and unless it does not breach below 19700 we can expect the Nifty to target 19930 from a short-term perspective.’
