Equity benchmarks consolidated for fourth consecutive session Wednesday as investors awaited the outcome of Federal Reserve policy meeting tonight and pending corporate earnings. The 30-share BSE Sensex closed down 26.38 points at 29,894.80 and the 50-share NSE Nifty fell 1.85 points to 9,311.95 after a rangebound trade. After a four-day consolidation, the market might gain some strength in next couple of sessions to move towards 9,400 level on the Nifty. According to them, major correction is unlikely in near term as domestic inflows continued to support the market on hopes of faster recovery in earnings.
Expert Advice: The Nifty registered a bearish candle which has engulfed previous trading sessions candle body before signing off the day with an extremely range bound move of 48 points. This sideways phase of 5 trading sessions is slowly negatively impacting the technical as two of our momentum oscillators generated a sell signal. Hence, we expect this corrective/consolidation phase to get extended for another couple of trading sessions unless Nifty registers a breakout above 9367 levels on closing basis.