Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty swung between gains and losses on Sept 12 after scaling a fresh all-time at 20,110.35 in early trade. At close, Nifty was almost unchanged, falling 0.02% or 3.2 points at 19993.2. Volumes on the NSE were the highest in many weeks as a broad based sell-off led to bottom fishing by some. Broad market indices fell much more than the Nifty even as the advance decline ratio dipped sharply to 0.18:1.
Asian markets were mostly down Tuesday as traders nervously await US inflation data, while lingering concerns about China's economy remain a millstone. European stocks traded mixed on Tuesday as investors looked ahead to the release of U.S. inflation data along with the ECB policy meeting this week for directional cues.
Nifty closed almost flat after opening higher on the 8th day of rise. Broad market sell-off has dented sentiments to some extent. While Nifty may not fall much in the near term, the broad market indices may take time to find a bottom. Nifty could remain in the 20110-19865 band for the near term.