Nifty closes 21.10 points lower at 8,061

The Nifty settled marginally lower in a dull trading session on Wednesday, in the absence of any major cue. After a flat start, it hovered in a narrow range till late, but a slide in the last one hour of the trade pushed it into negative territory. The Nifty finally closed 21.10 points lower at 8,061. Most sectoral indices also followed suit and closed on a flat note.

Market experts said that the boredom continues in the market for the fifth consecutive session as the participation from strong hands seems missing towards the fag end of the calendar year.

“Now, we would wait for further clarity on this price action in the opening trades tomorrow. If the index manages to stay for the first half an hour below 8056, we would expect some weakness towards the 8000 mark. However, in the other scenario, if the Nifty manages to stay above 8085, we would continue with our recent optimistic stance on the market,” said Sameet Chavan, chief analyst-technical & derivatives, Angel Broking.

According to him, for the coming session, resistance levels are seen at 8112–8133 levels. “It is to be noted that the market at present is undergoing a consolidation phase and hence, we do not want to get carried away by this tail-end weakness. Directionally speaking, we still do not expect any major downside from the current level in the near term,” he said.

Jayant Manglik, president, retail distribution, Religare Securities Ltd, said, “Markets are drifting gradually lower with every passing day and badly need some major positive trigger, preferably from domestic front to ease this pressure. As quoted earlier also, we feel banking holds the key for any sustainable recovery. So closely watch development on that front. Meanwhile, maintain a balanced trading portfolio – a mix of long and short both.”

National Stock Exchange of India Ltd (NSE)