The Nifty50 which opened with a slight gap on the upside failed to hold on to gains as the index witnessed selling pressure post opening which made a bearish candle for the third time this week.
The index closed well above its crucial psychological support level of 50-days exponential moving averages (DEMA), but around its 13-DEMA which is placed around 9,860.
Market participants preferred to remain on the sidelines ahead of the long weekend.
The market will remain shut on Friday on account of a public holiday while global markets will remain open.
The Nifty index opened positive but failed to hold above 9,880 and remained in a small trading range of 30 points for the entire trading session. For the bulls to remain in command, the index has to close above 9,948 for the momentum to strengthen.
In Thursday's price action, Nifty50 opened at 9881.20 which was slightly below its intraday high of 9881.50. The index finally closed 4.5 points higher from its previous close at 9857.05.
Missed
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