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Wednesday market ended on flat note, erasing the stellar gains made at open. Both Sensex and Nifty had topped their respective psychological levels intraday before giving in to the volatility during the session. The Sensex had hit the day's high of 38,140 points, but fell to the low of 37551. Sensex closed at 37,663 points, down 24 points from previous close while Nifty raised 6 points to settle at 11101. Nifty opened positive but failed to hold above 11225 levels and during the day it lost all its gains by drifting towards 11050 zones. However, it witnessed some bounce from lower levels and closed the session on a flat to positive note. Global cues were also positive while gold again jumped to record highs. Positive earnings reports are driving stocks and markets around the world, and the same trend is visible in the Indian markets too. Liquidity is a major driver for the markets and it is chasing companies which are declaring stable earnings or outlook. Uncertainties remain while in the near term markets will look forward to the commentary and RBI actions at the end of the MPC meeting tomorrow.
The markets is in a bit of "no man's land" and struggling to break out on either side, Nifty formed a Bearish candle similar to a Spinning Top candle which indicates that follow up is missing even after the recovery of last two trading sessions. Index has got stuck in a trading range where dips are being bought but supply pressure is clearly visible at key resistance zones. Now, till it manages to hold above 11050 zones then buying interest could emerge towards 11200 zones while on the downside support exists at 11000-10900 zones. The 10850 would be a crucial support while resistance is at 11,250.
Wednesday market ended on flat note, erasing the stellar gains made at open. Both Sensex and Nifty had topped their respective psychological levels intraday before giving in to the volatility during the session. The Sensex had hit the day's high of 38,140 points, but fell to the low of 37551. Sensex closed at 37,663 points, down 24 points from previous close while Nifty raised 6 points to settle at 11101. Nifty opened positive but failed to hold above 11225 levels and during the day it lost all its gains by drifting towards 11050 zones. However, it witnessed some bounce from lower levels and closed the session on a flat to positive note. Global cues were also positive while gold again jumped to record highs. Positive earnings reports are driving stocks and markets around the world, and the same trend is visible in the Indian markets too. Liquidity is a major driver for the markets and it is chasing companies which are declaring stable earnings or outlook. Uncertainties remain while in the near term markets will look forward to the commentary and RBI actions at the end of the MPC meeting tomorrow.
The markets is in a bit of "no man's land" and struggling to break out on either side, Nifty formed a Bearish candle similar to a Spinning Top candle which indicates that follow up is missing even after the recovery of last two trading sessions. Index has got stuck in a trading range where dips are being bought but supply pressure is clearly visible at key resistance zones. Now, till it manages to hold above 11050 zones then buying interest could emerge towards 11200 zones while on the downside support exists at 11000-10900 zones. The 10850 would be a crucial support while resistance is at 11,250.
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