Nifty stuck in a narrow range amid tug of war between bulls and bears

Mumbai: Nifty closed in a narrow 29-point closing range over the last four days (19,783-19,812), which shows a tug of war between the bulls and bears, Deepak Jasani, Head Retail Research at HDFC Securities, said on Friday.

On weekly charts, Nifty gained 0.32 per cent.

Nifty has faced resistance from 19,875 over the last two weeks. Hence, only when this is breached, further upmove may happen. On the downside, 19,547 could act as a support in the near term, Jasani said.

Nifty closed lower on Friday in a small range (65 points) sideways move day. At close, Nifty was down 0.04 per cent or 7.3 points at 19794.7.

Nifty Pharma was one of the outperforming sectors, up by 0.87 per cent. The market closed flat for the second day in a row as a result of factors affecting investor confidence, including increased US rates, the likelihood of rising oil prices, and the results of the upcoming state elections, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.

As anticipated, the Tata Technologies initial public offering (IPO) proved to be a huge success for the Tata Group. On Friday, the last day of bidding, offers for 23.4 crore equity shares against an issue size of 4.5 crore were received, making the offer 52 times more subscribed, Vidwani said.

Divis Labs, Cipla, JSW Steel, Dr Reddy's Labs and NTPC were among the top gainers on the Nifty on Friday, while the losers were HCL Technologies, Wipro, Apollo Hospitals, Tata Motors and Britannia.