Indian benchmark indices ended flat with Nifty declining for the third day in a row amid selling pressure in auto and pharma stocks while the S&P BSE Sensex just managed a green closing. Sensex settled at 81,510.05, up by 2 points while the broader Nifty50 closed at 24,610.05, lower by 9 or 0.04%.
Commenting on the day’s action, Dr. Praveen Dwarakanath, Vice President of Hedged.in, said Nifty is consolidating near its resistance level of 24,850. Though it has formed another Doji candle, the intraday fall of more than 100 points was recovered, indicating strength in the index.
“The momentum indicators continue to show bullishness in the index. The ADX average line has reached well below 20 levels, indicating one of the trends can pick up, with the ADX DI+ line above the ADX DI- line, it is likely for the trend to pick up momentum on the upside. Options writer’s data for the monthly expiry showed increased writing of the calls and puts at the 24,700 level, indicating a range-bound…