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After opening higher Wednesday the Nifty50 made multiple attempts to move near its earlier record high amid rangebound trade but failed due to selling pressure. The index ended flat with a negative bias ahead of the expiry of July derivative contracts, forming bearish candle on the daily candlestick charts, which also resembles 'Spinning Top’ kind of pattern.
Spinning Top is often regarded as a neutral pattern which suggests indecisiveness on the part of both bulls as well as bears. It can be formed in an uptrend as well as in a downtrend.
The Nifty Midcap index also ended flat while the sectoral trend was mixed. The 30-share BSE Sensex managed to end at record closing high again, rising 33.13 points to 36,858.23.
The Nifty50 after opening higher at 11,148.40 attempted many times to move near its record high of 11,171.55 but failed to do so and remained in a 44-point range at around 11,113.25-11,157.15 throughout the session. The index closed 2.30 points lower at 11,132 after three consecutive positive sessions.
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