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After a flat open and rangebound trade for the most part of the day, the Nifty50 closed mildly lower Wednesday. This was after the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to 6.5 percent while keeping the policy stance neutral.
The fall in the market is on account of mild profit booking after rising 400-points in the previous four consecutive sessions. The index formed 'Spinning Top' kind of pattern on the daily candlestick charts.
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.
Overall it was a volatile session for the market. The Nifty50 after flat opening at 11,359.80 traded higher and hit fresh intraday record high of 11,390.55, but the rally gradually fizzled out in late morning deals amid rangebound trade and hit an intraday low of 11,313.55 after the RBI monetary policy announcement. The index closed 10.30 points lower at 11,346.20.
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