In the absence of any new positive catalysts, traders mainly stayed in their positions as concerns about a global recession and the lack of any indications of a break in the cycle of rate hikes continued to weigh on mood. Although markets had a bullish tilt and were range-bound, short-term market fluctuations might still occur.
Technically, the index has formed a Doji candlestick on daily charts, signifying uncertainty between the bulls and bears.
For traders, 17,800 may serve as a crucial support level while 17,950 may serve as the major barrier. The likelihood of reaching 18,000–18,100 would increase after 17,950.
On the other hand, a new round of selling is only likely to occur when 17,800 is rejected, below which the index may once again test the levels of 17,650 and 17,600.
Indian rupee close: After previously closing at 82.49 to the dollar, the rupee closed unchanged at 82.51.
Market Closing: On February 10, after a tumultuous session, benchmark indices ended higher, with the Nifty hovering around 17,900.
The Nifty was up 21.80 points or 0.12% at 17,893.50 at close, and the Sensex was up 142.43 points or 0.23% at 60,806.22. A total of 142 shares are unchanged, 1670 shares are in the green, and 1714 shares are in the red.
The Nifty's largest losers included Adani Enterprises, Adani Ports, Hero MotoCorp, Cipla, and JSW Steel, while winners included Bajaj Finserv, HDFC Life, Hindalco Industries, Asian Paints, and Infosys.
Except for capital goods and information technology, all other sectors indexes finished in the negative.
Midcap and smallcap indices on the BSE finished unchanged.
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