S&P CNX NIFTY 5888.00 (Down 10.80 Points) - Indsec Securities

The S&P CNX Nifty closed the day negative down 10.80 (0.18%) points at 5888.00 from 5898.80 Tuesday, on back of flat volume. Major loser in S&P CNX Nifty were Hindustan Unilever (-2.78%), BHEL (-2.04%) and GAIL (-2.01%) whereas major gainers were Bajaj Auto (+2.49%), M&M (+2.12%) and Hero Motors (+1.98%).

The volume in the cash market for both NSE and BSE put together was down 4.47% to Rs. 158.70 bn from Rs. 166.10 bn Tuesday. The advance/decline ratio stood at 0.80:1 from 0.48:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart opened positive on account of global cues. But it did not sustain at the higher levels as profit taking was witnessed. The RSI(14) on hourly chart faced resistance at the upper range of bearish band and came down to 50 levels at the close.

The S&P CNX Nifty on daily chart has once again taken support at the 1 - 3 - 5 trend line and close above it. It is just a matter of time when this trend line will be breached and market start to drift downwards, thereby confirming Wolfe Wave Sell Pattern. The stochastic on daily chart has given sell signal and the market is likely to find resistance at the current levels.

Source : Equity Bulls

Keywords