Indian stock markets today ended flat after logging in record highs in the previous three sessions. In a choppy session, the Nifty 50 index closed 0.09% lower at 17,362, dragged lower by losses in realty and technology stocks. The benchmark S&P BSE Sensex settled 0.03% down at 58,279. The rupee today fell sharply by 32 paise to close at a more than one-week low of 73.42 against the US currency, mirroring losses in most Asian and emerging market currencies. Dollar-buying by corporates and importers and the greenback's gain in overseas markets weighed on the rupee, say analysts. 

“Nifty is expected to remain range-bound for some days after giving such a massive rally in such a short period. Investors are advised to keep strict stop loss to their positions," said Rahul Sharma, Co-Founder, Equity99.

“Nifty has strong support at 17300 followed by 17225-17150 on the downside & the hurdle is placed at 17425-17500 levels on the upside."

The Nifty IT index fell 1.31% on profit-taking with Wipro and Infosys shedding 1% each.  The Nifty Realty Index declined 2.33% with Prestige Estates Projects snapping five sessions of gains and closing 5.8% lower.

“After witnessing an 800 points rally, Nifty is exhibiting a range-bound trend, which indicates that bulls could be feeling discomfort to go further long near 17450. But technically, a short-term correction is possible only if the index falls below 17290. For the next few trading sessions, 17290 could act as a trend deciding level, above which we can expect one more uptrend wave towards 17450-17500 levels. However, trading below the same could trigger a quick intraday correction up to 17250-17210," said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd.

Capping some of the losses in markets were shadow lender HDFC Ltd and telecom firm Bharti Airtel Ltd, both gaining over 2% each.

“A reasonable negative candle was formed on the daily chart with minor upper and lower shadow. This pattern signal volatile movement in the market within a narrow range. This indicate tiredness in the market at the new highs, but the overall chart setup is not alerting of any significant trend reversal pattern," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“The market seems to have shifted into a consolidation mode with range bound action. The present choppy movement with minor weakness could continue for the next 1 or 2 sessions before showing another round of upside bounce from the lows. Immediate support is placed at 17250 and the crucial overhead resistance to be watched around 17500 levels."

In absence of any major event, says Ajit Mishra, VP - Research, Religare Broking Ltd, global cues would continue to dictate the trend. “Indications are in the favour of some consolidation or profit taking thus we recommend maintaining extra caution in stocks selection. On the benchmark front, Nifty has immediate support around the 17,200-17,250 zone."