Home / Business and Economy / Nifty Flatlines: Consolidation Holds Market at Bay
Nifty Flatlines: Consolidation Holds Market at Bay
20 Apr
Summary
- Nifty closed marginally higher by 11 points at 24,365 after a volatile session.
- Trent and JSW Steel showed relative strength, while Jio Financial and Hindalco lagged.
- Key support at 24,100 and resistance at 24,500 are critical for Nifty's next move.
The benchmark Nifty 50 index concluded Monday's trading session largely flat, up by a mere 11 points to settle at 24,365. This followed a volatile day where the index initially opened weak but staged a recovery. However, it struggled to surpass the significant resistance at the 24,450-24,500 level, slipping from its intraday highs towards the close.
Stock performance varied, with Trent and JSW Steel demonstrating relative strength among Nifty constituents. Conversely, Jio Financial Services and Hindalco were among the notable underperformers. Sector-wise, Nifty Media and PSU Bank indices closed in positive territory, outperforming others, while Nifty IT and Realty experienced declines.
The broader market sentiment remained subdued, as indicated by the closing declines in both the Nifty Midcap 100 and Nifty Smallcap 100 indices. Technical analysts observe critical levels for Nifty, with immediate support identified around 24,100 and resistance at 24,500. A decisive move above 24,500 is seen as potentially driving the index higher towards 24,650.
