S&P CNX NIFTY 5929.60 - Up 32.80 Points - Indsec

The S&P CNX Nifty closed the day positive up 32.80 (0.56%) points at 5929.60 from 5896.80 Tuesday, on back of flat volume. Major loser in S&P CNX Nifty were HDFC (-1.90%), L&T (-1.42%) and Axis Bank (-1.41%) whereas major gainers were SunPharma (+3.78%), ONGC (+3.28%) and Tata Motors (+3.15%).

The volume in the cash market for both NSE and BSE put together was down 2.50% to Rs. 165.95 bn from Rs. 170.30 bn Tuesday. The advance/decline ratio stood at 1.38:1 from 1.39:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart opened positive and remained range bound through the day and closed near day's high. The RSI(14) on hourly chart remained flat at the upper range of bearish band.

The S&P CNX Nifty on daily chart has taken support of 1 - 3 - 5 trend line and has once again started its upward journey. A weekly closing above 5950 is important for the market to move up. The stochastic on daily chart has started to make bottom formation.

Source : Equity Bulls

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