Technical View: Nifty ends lower amid consolidation; likely to remain sideways in near term

The Bank Nifty index also opened higher and traded between 51,994.10- 51,643.95. However, the index ended at 51,938.05, up 0.32 percent.

After hitting a fresh high in the previous session, the Nifty 50 index remained in a consolidation mode on September 13, with the index closing with minor losses around 25,350 amid mixed sectoral performance.

After a positive start, the index erased the gains in the initial hours and traded a rangebound movement throughout the session to close at 25,356.50, down 32.40 points or 0.13 percent.

For the week, the Nifty50 index rose 2 percent.

Wipro, Bajaj Finance, Bajaj Finserv, Axis Bank and IndusInd Bank are among the major gainers on the Nifty, while losers are ITC, Adani Ports, HDFC Life, Coal India and SBI Life.

Among sectors, except FMCG and Energy indices are down 0.6 percent each, on the other hand, IT, media, metal, realty and PSU Bank are up 0.5-1.7 percent.

The broader indices have outperformed the main index, with Nifty midcap 100 crossed 60,000 for the first time, while Nifty smallcap 100 index added nearly a percent and inched closer to its 52-week high.

"The index remained range-bound throughout the day. On the higher end, it faced resistance at the rising trendline on the daily chart. On the lower timeframes, the RSI has entered a bearish crossover, signalling an early indication of a potential bearish momentum reversal," said Rupak De, Senior Technical Analyst at LKP Securities.

"In the near term, the trend may remain sideways. Support is observed at 25,150–25,200, while resistance is seen at 25,460," he added.

"The short-term trend of Nifty seems to have reversed up and the Nifty is currently placed at the crucial resistance of 25200 levels. A decisive move above this hurdle could only open further upside towards the new all-time highs. Immediate support is at 24900," he added.

The Bank Nifty index also opened higher and traded between 51,994.10- 51,643.95. However, the index ended at 51,938.05, up 0.32 percent.

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