The markets ended flat after a volatile session. Even though the benchmark indices ended flat the undertone of the markets remained strong. The market breadth was in favour of the advances and the volumes were quite high as compared to previous day.

The benchmark index closed marginally lower at 12,131 down just 4 points after trading in the range of 12,197 - 11,985. The Nifty ended 8 points higher at 3,661. Among the Broader indices - the BSE Midcap Index was up 1.85% or 67 and the Smallcap Index rose 1.98% or 80 points.

Buying was seen in capital good, reality, metals and sugar stocks, while select IT, oil & gas and FMCG stocks remained under pressure.

The markets were quite volatile after yesterday's sharp rise and consolidated in the range of 3618-3681 and ended on a flat note. Going forward we may witness huge volatility in the benchmark indices and also sideway, choppy session but major action as shifted to the midcap and small cap stocks.

We have seen short covering happening in the reality and infrastructure stocks in today's session. The outlook still remains bullish and one should think of buying on dips. Now the trading band has become narrow for the Nifty from 3715-3520 and a strong and major reaction will be seen only if nifty breaks this trading range.

The immediate resistance is at 3715 and intra-day support is placed at 3620-3580. This intermediate uptrend could be in danger only if nifty trades below 3520. Till then enjoy this uptrend.