The index touched an intraday high of 11,606.70 and low of 11,550.55, before closing 12.40 points higher at 11,596.70
Nifty50 ended flat after a rangebound session on April 11 as traders remained cautious ahead of Infosys & TCS quarterly earnings and CPI inflation & factory data scheduled to be announced after market hours on April 12.
The index closed tad below 11,600 and formed small bullish candle, which resembles a 'Doji' kind of formation on daily charts.
As indices remained directionless and consolidated between 11,550 and 11,760 zones in last ten trading sessions, experts advised focussing on stock-specific opportunities.
The Nifty50 after opening marginally higher at 11,592.55 remained rangebound throughout the session. The index touched an intraday high of 11,606.70 and low of 11,550.55, before closing 12.40 points higher at 11,596.70.
"Albeit Nifty50 registered Doji kind of formation with a positive close, trend for the day remained listless as the said index moved in a narrow range of 56 points. Essentially, it looks like index is stuck up in sideways zone as it is not attracting follow through selling to relatively large single day falls witnessed recently," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
He said unless the index emerges out of the trading range which appears to be 11,710–11,550, a directional move can't be witnessed.
On the downside, it looks critical to sustain above 11,550 levels on closing basis breach of which shall strengthen the bearish sentiment for near term and similarly a close above 11,710 can be initial sign of strength for bulls, he added.
At this juncture, as index is directionless, traders are advised to focus on stock-specific opportunities, Mazhar Mohammad said.
Bank Nifty traded in range of 29,650 to 29,850 zones but managed to recover its most of the intraday losses and closed on a flattish note near to 29,800 zones.
The index closed at 29,786.10, down 17.40 points and formed a Hammer Candle on daily scale but forming lower highs from past three trading sessions.
"Now it has to cross and hold above 30,000 to witness an upmove towards 30,250 then 30,500 zones while on the downside major support is seen at 29,700 then 29,500 levels," Chandan Taparia, Associate Vice President | Analyst-Derivatives at Motilal Oswal Financial Services told Moneycontrol.
India VIX fell marginally by 0.86 percent to 20.94 levels.
Sudden spike in VIX indicates limited upside with volatile swing in the market, experts said, adding Option band signifies a trading range in between 11,500 to 11,750 zones.
On the option front, maximum Put open interest (OI) is at 11,000 followed by 11,500 strike while maximum Call OI is at 12,000 followed by 11,800 strike.
Call writing is at 11,800 followed by 12,100 strike while Put writing is at 11,500 followed by 11,400 strike."Nifty index has to continue to hold above 11,550 to witness an upmove towards 11,666-11,680 then 11,720 zones while below 11,550 it could open the decline towards 11,500-11,480 zones," Chandan Taparia said.
Get Lok Sabha 2019 Live Election Results, constituency-wise tally, news, views and analysis
Follow our Lok Sabha Election Result Live Blog here.