S&P CNX NIFTY 5916.40 - Down 13.20 Points - Indsec Securities

The S&P CNX Nifty closed the day negative down 13.20 (0.22%) points at 5916.40 from 5929.60 Wednesday, on back of low volume. Major loser in S&P CNX Nifty were Ambuja Cements (-2.75%), Sun Pharma (-2.33%) and BPCL (-2.17%) whereas major gainers were Hindalco (+2.35%), Jindal Steel & Power (+2.20%) and Hindustan Unilever (+1.86%).

The volume in the cash market for both NSE and BSE put together was down 13.70% to Rs. 143.30 bn from Rs. 165.95 bn Wednesday. The advance/decline ratio stood at 0.66:1 from 1.38:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart opened positive and had a roller coaster ride before closing negative with lower volumes. The RSI(14) on hourly chart remained range bound between 50 and 65 level.

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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