A morning walk down Dalal Street | Nifty needs to decisively surpass 11,100 for strong upmove going ahead

After three consecutive bullish candles, Nifty formed a bearish candle which suggests that the momentum could be stalling. But, the good part is that we closed above 11050 which is a positive sign for the bulls.

It was a day of profit booking on D-Street. The S&P BSE Sensex which was up nearly 200 points closed with gains of just 89 points towards the close of the trade while Nifty50 managed to hold on to 11050 levels. The index finally closed 5 points up 11,058. 

Broader market indices showed signs of weakness, but the overall market depth was tilted in favor of the buyers. The S&P BSE Mid-cap index closed 0.3 percent lower while the Small-cap index closed 0.11 percent down.

IT stocks succumbed to selling pressure for yet another day as rupee hit a 2-month high. Wipro was down 3 percent, while Infosys and Tech Mahindra shed a little over 1 percent each.