For the last 6 sessions, the Nifty has been trading in a narrow range of 10,750-10,893. Information technology, pharmaceuticals and fast moving consumer goods (FMCG) sectors have remained major pockets of strength.
Reliance Industries, which carries more than 7.5 percent weight in the Nifty, has also been a major contributor. Midcaps and smallcaps have been witnessing selling pressure. Market breadth has remained negative for the last four consecutive sessions.
The Nifty is trading in a symmetrical triangle pattern on the daily charts. The downward sloping trend line, adjoining the highs of January 29 (11,171) and January 15 (10,929) is projecting short term resistance at around 10,900 levels
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