Nifty in range bound trade

Deven Mehata, Research Analyst, Choice Broking on Wednesday said that after a small gap up opening Nifty traded sideways for the day near 19450 levels and closed near the same levels at 19443.50.

On Bank Nifty the pressure was seen on the day of weekly expiry where bank nifty closed negative but has managed to close above 43600 levels.

He said that the market has traded flat to Positive with the Sensex gaining 0.05 percent and closed at 64975.61 and Nifty was up by 0.19 percent intraday and closed at 19443.50 levels whereas Bank Nifty was down by 0.18 percent and settled at 43658.65.

He said that among sectors Nifty Auto, Nifty Pharma and Nifty Metal ended in green while Nifty PSU Bank, Nifty IT and Nifty Fin Services ended on the lower side. In Nifty stocks, BPCL, CIPLA and ADANI PORTS were the top gainers while ICICI BANK, INFY and NTPC were the prime laggards.

Vinod Nair, Head of Research at Geojit Financial Services said the domestic market traded rangebound with a positive bias. And further confidence may be derived from the global market cues post the FED chair speech. Oil prices continued to fall, which will provide respite to the domestic economy and navigate a downward trajectory to inflation & fiscal.