S&P CNX NIFTY 5847.70 - Down 68.70 Points - Indsec Securities

The S&P CNX Nifty closed the day negative down 68.70 (1.16%) points at 5847.70 from 5916.40 Thursday, on back of flat volume. The market witnessed good rolls over into next month with Nifty rolls at 30% and stocks at 25%. Since next week is truncated we will see good activity in roll over. Major loser in S&P CNX Nifty were JP Associates (-4.54%), IDFC (3.59%) and Jindal Steel & Power (-3.45%) whereas major gainers were TCS (+0.53%) and Axis Bank (+0.20%).

The volume in the cash market for both NSE and BSE put together was down 0.50% to Rs. 142.90 bn from Rs. 143.50 bn Thursday. The advance/decline ratio stood at 0.34:1 from 0.66:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart opened negative and slowing trended down as the day advanced on account of global cues. The nifty closed at the day low levels on flat volumes. The RSI(14) on hourly chart drifted down further below the lower range of bullish band and closed below it.

The S&P CNX Nifty on daily chart has closed below the 1 - 3 - 5 trend line thereby confirming the Wolfe Wave Sell pattern. A second week negative closing has confirmed the Gartley Sell pattern. Going forward 5950 is likely to act as strong resistance area for the market to cross.

Source : Equity Bulls

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