Nifty closes down 21 points at 6034.75 - Indsec Securities & Finance

The S&P CNX Nifty closed the day negative down 21.00 (0.35%) points at 6034.75 from 6055.75 Thursday, on back of good volume. The CNX S&P Nifty opened positive on global cues but came down on the expiry day on account of VWAP selling. The market witnessed Nifty rollover of 64% and stocks rollover at 80%. Major loser in S&P CNX Nifty were Tata Power (-2.37%), HDFC Bank (-2.08%) and Bharti (-2.06%) whereas major gainers were PNB (+10.24%), Bank of Baroda (+4.11%) and BHEL (+3.16%).

The volume in the cash market for both NSE and BSE put together was up 30.00% to Rs. 183.80 bn from Rs. 141.10 bn Thursday. The advance/decline ratio stood at 0.86:1 from 0.65:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart continued to face resistance at 61.8% fibo extension. We expect the market to take support at 6029, 5997, 5970, 5930. The RSI(14) on hourly chart faced resistance at 50 level for major part of the before breaking it and closing at upper range of bearish band.

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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