Domestic equity market remained cautious ahead of the Reserve Bank of India's two-day policy review meet starting Tuesday and ended slightly higher, with BSE Sensex rising 36.78 points, or +0.11 per cent, to close at 32,869.72 and the Nifty50 closing at 10,127.75 today, up 5.95 points, or +0.06 per cent, with 28 stocks closing in the green.
In a volatile trading session, the benchmark indices pared most of their intraday gains to settle flat as investors remained cautious ahead of the RBI monetary policy meeting due tomorrow. Although the central bank is widely expected to keep rates on hold, investors will watch out for any hints of a cut in its policy statement. Infosys was in focus today as it rallied nearly 4% and was the top gainer on Sensex.
Nifty50 closed marginally higher today to snap its four-day losing streak. The 50-pack index made a small bearish candle on the daily chart and formed a lower-high lower-low formation for a fourth straight day. A recovery from day's low of 10,095, which is it's previous swing low made on November 15, has kept the chances for bulls alive, as sustaining above the level in next couple of trading sessions, may result in double bottom kind of formation. Now if it manages to hold 10,094 then only short term reversal could be seen towards 10178, then 10250. On the downside, a slip below 10,094 could start a fresh decline towards the psychological 10,000 zone.