Nifty could remain in the 20168-19989 band in the near term - HDFC Securities
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Daily Technical View on Nifty
* Nifty fluctuated through Sept 14 after reaching record highs in early trade.
* Nifty rose for the second consecutive session and closed 0.17% or 33.3 points higher at 20103.3.
* Volumes on the NSE were the lowest in several days as buying interest in largecaps petered out at higher levels.
* Midcap and Smallcap indices gained more than a percent even as the advance decline ratio rose to 2.70:1.
* Nifty rose on Sept 14 but could not hold on to all the gains.
* In the process it formed a spinning top like pattern suggesting possibility of formation of a short term top.
* Markets did not witness large scale buying in index pivotals after Nifty made new record highs.
* Nifty could remain in the 20168-19989 band in the near term. A breach of 19989 could take the Nifty to 19833.
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