The Indian equity benchmarks were trading a tad higher at noon as momentum remained lacklustre. Analysts expect the market to trade in the range in the near term as investors await the US Federal Reserve’s annual Jackson Hole gathering and Fed chair Jerome Powell's speech later in the week.
At noon, the Sensex was up 79.66 points, or 0.12 percent, at 65,299.69 and the Nifty was up 26.60 points, or 0.14 percent, at 19,423.10. About 1,966 shares advanced, 1,067 declined and 117 remained unchanged.
On the sectoral front, capital goods and metal indices were up 1 percent each.
Bars reflect changes in open interest (OI) during the day. The red bars show call option OI and the green put option OI.
The Nifty is trading around 19,370 levels, sticking to the 19,300-19,500 range which it has been moving in for the past six sessions. It found a double top resistance around 19,440 levels on intraday basis.
The bears are managing to keep the bulls away as heavy call writer additions is seen at 19,450 and 19,500 Strikes.
"Nifty has formed a doji pattern on the daily chart twice in the last three trading sessions, which signals indecision in the market. A strong close above 19,500 can quickly take the Nifty until 19,650 levels, while a break below 19,300 can intensify the selling pressure and drag the Nifty until 19,000 levels," brokerage firm Samco Securities said.
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Among individual stocks, Crompton, Sun TV and Indian Hotels saw a bullish setup, while MFSL, Adani Enterprises and Adani Ports saw a short buildup.
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