Nifty may head towards 10,970

The market ended flat after a volatile trading session. The Sensex ended 2.96 points, or 0.01 per cent higher, to settle at 36,321.29, while the Nifty 50 Index closed 3.50 points, or 0.03 per cent higher at 10,890.30.

The S&P BSE Mid-cap Index fell 0.02 per cent, while the Small-cap index rose 0.14 per cent.

Technical view

Sameet Chavan, chief analyst-technical and derivatives, Angel Broking, said: “Since last few days, traders’ fraternity across the globe was keeping a close eye on important development with respect to the Brexit. Ho?w?ever, it turned out be a nonevent as we saw no major reaction on the global front. This morning, our ma?rkets opened on a flat note and then consolidated in a slender ran?ge thro?ughout the day to eventually conclude around the opening po?int with negligible gains.

“No one would have expected such a lethargic day of trade, especially after Tuesday’s massive bump up to surpass key near term hurdles. Since there was no movement during the day, the chart structure remains the same and hence, we continue with our optimistic stance. We can term it as a breather after a confirmation of ‘Bullish diamond’ pattern.  We reiterate that the Nifty is likely to head towards the next junction of 10,970 first and then to test 11,150. On the flipside, 10,820 followed by 10,777 remain to be strong supports.

“During the day, we did not witness any notable movers; but there were some encouraging signs seen in handful of stocks. Hence, till the time we see the  Nifty picking up the momentum again, one can remain focused on individual stocks in order to get better trading opportunities.”

Market view

Vinod Nair, head of research, Geojit Financial Services, said:  "Market was range bou?nd as impasse over Brexit deal and continued partial shutdown in US government dro?ve the sentiment. Narrowed trade deficit and selective bu?ying in ban?ks & pharma stocks helped market to end on flat note. Investors remained focused on earnings season to get cues on sectors which may provide positive growth momentum."