Nifty closes down 33.80 points - Indsec Securities & Finance

The S&P CNX Nifty closed the day negative down 33.80 (0.56%) points at 6048.50 from 6082.30 Monday, on back of flat volume. The CNX S&P Nifty opened flat and came down on account of profit taking. The Put/Call ratio based on Open Interest for this month expiry came down to 1.42 from 1.51 Monday. Major loser in S&P CNX Nifty were GAIL (-4.65%), Hindustan Unilever (-3.29%) and HCL Tech (-2.45%) whereas major gainers were Asian Paints (+2.92%), ACC (+1.75%) and NTPC (+1.70%).

The volume in the cash market for both NSE and BSE put together was up 6.00% to Rs. 147.80 bn from Rs. 139.30 bn Monday. The advance/decline ratio stood at 0.40:1 from 0.86:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart faced resistance at 78.6% fibo extension and close below it. We expect the market to take support at 6038, 6015, 5997, 5970, 5930. The RSI(14) on hourly chart faced resistance at higher range of bearish band and came down.

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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