S&P CNX NIFTY 5857.90 - Down 21.70 Points - Indsec Securities

The S&P CNX Nifty closed the day negative down 21.70 (0.37%) points at 5857.90 from 5879.60 Friday, on back of flat volume, as market is awaiting credit policy to be announced tomorrow. Major loser in S&P CNX Nifty were Bharti (3.81%), TCS (-3.01%) and HDFC (-1.81%) whereas major gainers were Hindalco (+3.54%), Sesa Goa (+2.80%) and Jindal Steel & Power (+2.45%).

The volume in the cash market for both NSE and BSE put together was down 1.80% to Rs. 135.25 bn from Rs. 137.70 bn Friday. The advance/decline ratio stood at 1.20:1 from 0.96:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart opened negative on account of global cues and remained negative for major part of the day. The RSI(14) on hourly chart drifted down to the lower level of bullish band and closed just above it.

The S&P CNX Nifty on daily chart has closed below the 1 – 3 – 5 trend line on the first day of the week. If rate cut is not announced in the credit policy tomorrow market will confirm wolfe wave sell pattern and market will test lower lows. 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