The Nifty index traded in range in the initial part of the day, but during the last hours of the trading some correction from the highs were witnessed and it settled at 18,210.95 levels.The Banknifty corrected more than 300 points or 0.85 percent to close at 40,874.35 levels during the day.
Sensex was down 206.93 points or 0.34 percent at 61,143.33. The Nifty was down 57.40 points or 0.31 percent at 18211.00. About 1,672 shares have advanced, 1378 shares declined, and 109 shares are unchanged.
On the sectoral front, Nifty IT, PSUBANK and PHARMA were leading for the day while METAL, AUTO and ENERGY have shown profit booking. Stocks like, ASIANPAINTS, UPL, DIVISLAB & INFOSYS were the top performers while AXISBANK, BAJFINANCE, ONGC were the prime laggards.
Asian Paints, UPL, Divis Labs, Infosys and Cipla were among the major Nifty gainers. Losers included Axis Bank, Bajaj Finance, ONGC, Tata Motors and Bajaj Finserv.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "Since the last few trading sessions, Nifty has been making lower Highs and lower lows , which is a bearish sign. Nifty closed negative by 100 points at 18,170 after taking resistance at 18,340. Nifty has support in 17,980 - 18,020 range and resistance in 18,320-18,340 range. Traders are advised to be cautious in long positions and maintain strict stoploss."
Technically, the Index has been trading in a bullish trend with Higher Highs & Higher Lows formation that suggests a bullish strength for the long term. On a four hourly chart, the index has traded above the Horizontal Line, which indicates a further support zone. Furthermore, the index has been trading with a positive crossover of 9*21 Moving Average, which can be considered a Bullish Crossover which shows a Bullish movement in the counter. At present, the Index has immediate support at 18000 levels while resistance comes at 18380 levels.