S&P CNX NIFTY 5851.50 (Down 36.50 Points) - Indsec Securities

The S&P CNX Nifty closed the day negative down 36.50 (0.62%) points at 5851.50 from 5888.00 Wednesday, on back of flat volume. Major loser in S&P CNX Nifty were Sesa Goa (3.52%), ITC (-3.50%) and Hindalco (-2.20%) whereas major gainers were Tata Motors (+4.12%), Bharti (+1.89%) and Jindal Steel & Power (+1.76%).

The volume in the cash market for both NSE and BSE put together was up 5.04% to Rs. 166.90 bn from Rs. 158.90 bn Wednesday. The advance/decline ratio stood at 0.42:1 from 0.80:1 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 and closed at the day's low. The RSI(14) on hourly chart faced resistance 50 levels and closed below the lower range of bullish band.

The S&P CNX Nifty on daily chart has for the first time closed below the 1 – 3 – 5 trend line thereby indicating resistance at the current levels going forward. The stochastic on daily chart has given sell signal and the market is likely to find resistance at the current levels.

Source : Equity Bulls

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