Nifty closes up 6.65 points - Indsec Securities & Finance

S&P CNX NIFTY 6016.15 (Up 6.65 Points)

The S&P CNX Nifty closed the day positive up 6.65 (0.11%) points at 6016.15 from 6009.50 Thursday, on back of flat volume. The Put/Call ratio based on Open Interest for this month expiry has gone up to 1.30 from 1.20 with low volumes. Major loser in S&P CNX Nifty were Tata Steel (-1.99%), Jindal Steel & Power (-1.83%) and Hindalco (-1.38%) whereas major gainers were Cairn (+2.95%), GAIL (+2.15%) and BPCL (+2.12%).

The volume in the cash market for both NSE and BSE put together was up 0.20% to Rs. 151.60 bn from Rs. 151.30 bn Thursday. The advance/decline ratio stood at 1.02:1 from 1.55:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart has completed Butterfly sell pattern, any further consolidation at the current levels can take up the market further up to 6055. The RSI(14) on hourly chart has come down from upper range of bullish band on account of profit taking at higher levels.

The S&P CNX Nifty on daily chart continued to form AB=CD pattern. The stochastic is showing signs of topping up and can act as resistance going forward.

Source : Equity Bulls

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