Domestic market continued to consolidate today ahead of corporate earnings scheduled for later this month and ahead of the Union Budget 2018. BSE Sensex ended 18.88 points or -0.06 per cent lower at 33,793.38 today and the Nifty50 closed at 10,443.20 today, ending 1.00 points or +0.01 per cent higher for the second session in a row. More than 25 stocks from the Nifty50 index closed in the green.
Benchmark indices ended flat today, despite strong Asian markets which rose on expectations of an improvement in the global economy, but gains were capped ahead of key corporate results starting next week. The Nifty saw retracement and paring of gains after testing the high level of 10,503.60 as it saw consolidation with a positive bias.
The bulls turned indecisive at 10,500 level of Nifty50 today got and capitulated to pressure from the bears, as the index settled flat for the second consecutive session. The index formed a Small Bearish Candle on the daily chart. Followup selling after Monday's consolidation breakdown was missing in today's session, which means the bulls successfully managed to absorb the selling pressure after yesterday's breakdown. As long as the Nifty50 sustains above the 10,400 level, it can attempt to challenge the 10,550 level, while on the downside, supports are seen at the 10,400 level.