Nifty50 ended flat after a rangebound session on April 11 as traders remained cautious ahead of Infosys & TCS quarterly earnings and CPI inflation & factory data scheduled to be announced after market hours on April 12.
The index closed tad below 11,600 and formed small bullish candle, which resembles a 'Doji' kind of formation on daily charts.
As indices remained directionless and consolidated between 11,550 and 11,760 zones in last ten trading sessions, experts advised focussing on stock-specific opportunities.
The Nifty50 after opening marginally higher at 11,592.55 remained rangebound throughout the session. The index touched an intraday high of 11,606.70 and low of 11,550.55, before closing 12.40 points higher at 11,596.70.
"Albeit Nifty50 registered Doji kind of formation with a positive close, trend for the day remained listless as the said index moved in a narrow range of 56 points. Essentially, it looks like index is stuck up in sideways zone as it is not attracting follow through selling to relatively large single day falls witnessed recently," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
He said unless the index emerges out of the trading range which appears to be 11,710–11,550, a directional move can't be witnessed.
On the downside, it looks critical to sustain above 11,550 levels on closing basis breach of which shall strengthen the bearish sentiment for near term and similarly a close above 11,710 can be initial sign of strength for bulls, he added.
At this juncture, as index is directionless, traders are advised to focus on stock-specific opportunities, Mazhar Mohammad said.
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