Nifty closes up 32.55 points - Indsec Securities & Finance

The S&P CNX Nifty closed the day positive up 32.55 (0.54%) points at 6056.60 from 6024.05 Monday, on back of flat volume. The CNX S&P Nifty opened positive following global cues and remained at higher levels through the day. The Put/Call ratio based on Open Interest for this month expiry went up to 1.35 from 1.31Monday. Major loser in S&P CNX Nifty were Sesa Goa (-1.45%), HCL Tech (-1.29%) and Suzlon (-1.26%) whereas major gainers were Bharti (+5.02%), Ambuja Cements (+4.18%) and BPCL (+3.23%).

The volume in the cash market for both NSE and BSE put together was up 3.00% to Rs. 154.00 bn from Rs. 149.60 bn Monday. The advance/decline ratio stood at 1.00:1 from 1.56:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart faced resistance at 127.2% fibo projections and close below it. We expect the market to take support at 6050, 6015, 5997, 5970. The RSI(14) on hourly chart faced resistance at upper range of bearish band and closed at that levels.

The S&P CNX Nifty on daily chart continued to form AB=CD pattern. The RSI(14) on the daily chart is forming negative divergence with prices making higher top and RSI making lower top.

Source : Equity Bulls

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