It was a lacklustre day of trade for Indian equities on Tuesday. The shares treaded in a narrow range as investors preferred to wait for some news driven trigger. However, as closing bell neared, fresh buying was seen in blue-chip companies like HUL, NTPC and Sterlite Industries.
The 30-share BSE Sensex dropped 16.19 points, to end at 18,512.77. Meanwhile, the 50-share NSE Nifty closed at 5541.25, lower by 9.85 points, after trading to as high as 5590 and as low as 5540 during the day.
Jai Bala, Chief Market Technician of cashthechaos.com says the market is witnessing stiff resistance at 5,600 levels. He avers a trend reversal in the dollar index will spark a turnaround in Indian market, too. However, in the near-term, some more potential downside is in the offing, he adds.
Watch out the oil & gas stocks
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
