Nifty Remains Range-Bound As Traders Appear Uncertain

(MENAFN- IANS) New Delhi, Sep 26 (IANS) Nifty remained largely range-bound throughout Tuesday as traders appeared uncertain, says Rupak De, Senior Technical analyst at LKP Securities.

However, the short-term sentiment remains bearish as Nifty closed below the 21EMA. Looking ahead, the trend is expected to stay bearish as long as Nifty remains below the 19750 level. A support level is established at 19600, below which the index may decline further towards 19250, he added.

Nifty closed lower on Tuesday after opening marginally higher. It remained in a narrow band of 62 points through the day before closing 0.05 per cent or 9.9 points lower at 19664.7. Volumes on the NSE were the lowest since July 3. Smallcap index ended in the positive even as the advance decline ratio closed at 0.95:1, says Deepak Jasani, Head of Retail Research, HDFC Securities.

Nifty closed on a flat note with a bias towards the downside; the most of the sectoral indexes were up on Tuesday, with Nifty FMCG leading the way with gains of 0.52 per cent, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

Eicher Motors, Nestle India, Bajaj Auto, Hero MotoCorp and ONGC were among the top gainers on the Nifty, while losers were IndusInd Bank, Tech Mahindra, Cipla, Kotak Mahindra Bank and Adani Enterprises.





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