Indian equity indices traded flat by the afternoon on August 29 amid volatility. The high beta Bank Index showed some strength, but Nifty being the underperforming index reflected a 'Doji' pattern which indicates uncertainty. Among sectors, the realty index was up nearly 2 percent, power index 0.5 percent and metal index 0.7 percent. The BSE midcap and smallcap indices were trading in the green.
At 12 noon, the Sensex was up 61.68 points or 0.09 percent at 65,058.28, and the Nifty was up 28.90 points or 0.15 percent at 19,334.90. About 1,884 shares advanced, 1,162 shares declined, and 116 shares traded unchanged.
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 witnessed sideways momentum with call writers being dominant during the day. A decent pullback near previous day's low of around 19,230 is expected by experts, while they estimated the critical resistance area at 19,300-19,400 levels. Closed above a decisive move past the 19,400 levels would once again strengthen the trend and carry on the momentum to the upside, according to brokerage firm Prabhudhas Lilladher. On the downside, support is at around 19,200–19,230, and a decisive breach below that would turn the bias weak. The support for the day is seen at 19,100 levels while the resistance is seen at 19,400 levels.
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Among individual stocks, SRF, IGL and DeepakNitrite saw a bullish setup, while PEL, Lupin and Coforge saw a short build-up.
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