MUMBAI: Equities are likely to remain ranged with a negative bias Wednesday after the previous session saw traders booking profits. Analysts suggest that the long term trend still remains intact unless 5020 on the Nifty is broken.

“After a long time Nifty has also closed below its 5 day moving average of 5,266 which again is a weak sign for the market. The daily chart of Nifty shows negative divergence on the RSI which gives a target of 5,180 in the coming days. However
the long term trend is bullish unless 50-day moving average of 5,020 is broken and till then any sharp decline close to the support area can be used as a buying opportunity. For today, support is seen at 5215 and resistance can be seen at 5290,” said Nirmal Bang Securities.

US stocks rose in a slow session on Tuesday on data showing more stabilization in the economy, while Apple Inc rallied on a report that it was developing a new iPhone.

The Dow Jones Industrial Average edged up 11.56 points, or 0.11 per cent, to end at 10,907.42, not far below the 11,000 mark. The Standard & Poor's 500 Index added just 0.05 of a point to 1,173.27. The Nasdaq Composite Index rose 6.33 points, or 0.26 per cent, to close at 2,410.69.

Asian counters, however, were trading on a mixed note as valuation concerns kept investor sentiment wary. The Nikkei inched up 0.3 per cent, Topix rose 0.19 per cent, Hang Seng dropped 0.28 per cent and China’s CSI 300 dropped 0.65 per cent.

Back home, equities snapped four-day winning streak as traders took home some profits after the benchmarks hit 52-week high last session. Realty, PSU and power stocks showed strength while IT, pharma and banks led the fall.

Bombay Stock Exchange’s Sensex ended at 17590.17, down 121.18 points or 0.68 per cent. The index hit a low of 17558.22 and high of 17783.35 in today’s trade.

National Stock Exchange’s Nifty closed at 5262.45, down 40.40 points or 0.76 per cent. The broader index touched a low of 5251.35 and high of 5325.