Closing Bell-Indian Indices close flat- Nifty settles above 19,400, Sensex over 64,900; Pharma gains, realty slumps

Closing Bell:Indian Indices close flat: Nifty settles above 19,400, Sensex over 64,900; Pharma gains, realty slumps

The benchmark equity indices ended Tuesday’s trading session on a flat note. The NSE Nifty 50 slipped 5.05 points or 0.03% to settle at 19,406.70, while the BSE Sensex dropped 16.29 points or 0.03% to 64,942.40. The broader indices ended largely in green with the gains led by Nifty Next 50 and Smallcap stocks.Bank Nifty index added 118.50 points or 0.27% to 43,737.90.

“The Nifty closed in the positive territory for the week, however, it was not able to surpass its immediate resistance of 19333.60 levels as the high made this week was 19276.25. This miss still keeps open the possibility of this been a wave for bounce, however, above 19333.60 it will negate the same and thereafter this bounce will be confirmed as Wave (X) bounce. The Nifty has retraced between 38.2% to 50% of its previous fall from 19849.75 to 18837.85 and it can further retrace until 19400 levels till 18973.70 levels are held,” said, Jay Thakkar, Head, Alternate Research, Capital Market Strategy.

“The market witnessed some resistance at higher levels as caution prevails due to the start of the key state elections, and further negative global cues on account of a more than expected fall in Chinese exports, highlighting a continued slowdown in global trade,” said, Vinod Nair, Head of Research,Geojit Financial Services.

The volatility index (India Vix) ended up 0.78%.