Nifty ended higher on Wednesday aided by auto and bank stocks though the gains were capped due to selling pressure in IT and FMCG stocks. The 20EMA and 50EMA are in a bearish crossover, while the momentum indicator RSI is also in a bearish crossover.
Commenting on the day's trade, Rupak De, Senior Technical Analyst at LKP Securities said the index has been consolidating within the range of 23,400 and 23,800 for the last few days and the index has failed to reclaim the 20EMA.