Despite intraday volatility, the Nifty ended its two-day losing run and held on at 16800. Near the OPEN GAP at 16966, the 50-stock index ran into resistance. Despite intraday volatility, the Nifty Bank ended its six-day losing run and closed above 34500. With the close being lower than the open, the banking gauge formed an inside bar. While plunging over a per cent from the day's high, the Nifty Midcap ended its six-day losing run, while the Nifty Smallcap ended its four-day losing trend despite losing over a per cent from its intraday high. On the NSE, the advance-decline was the best in ten days. The Nifty Metal recovered more than 4% from its two-day low after bouncing off its 200-day moving average. The Nifty IT is about to break out above the descending trend line from its all-time high, while the Nifty Pharma has formed a bullish morning star pattern.
