Indian equity benchmarks closed Friday’s trade on a flat note after recovering from the day’s low in later hours. The Nifty 50 ended the day 17 points or 0.07% lower at 25,492, and the Sensex declined 95 points or 0.11% to end at 83,216.

The banking stocks outperformed the benchmarks. The Nifty Bank settled 323 points or 0.56% higher at 57,877. The midcap stocks also surged in today’s trade. The BSE Midcap rose 118 points, or 0.25%, at 46,768. The BSE Smallcap finished 5 points or 0.01% lower at 53,052.

“The Nifty index earlier formed a double top near the 26,100 level and has since been making lower highs and lower lows on the daily chart. Currently, it is undergoing a retracement of the entire rally seen during the October series, with the 50% retracement level at 25,350 already tested

See Full Page