Nifty closes down 30.35 points - Indsec Securities & Finance

The S&P CNX Nifty closed the day negative down 30.35 (0.51%) points at 5956.90 from 5987.25 Monday, on back of flat volume. Major loser in S&P CNX Nifty were JP Associates (4.27%), BHEL (-3.49%) and Bank of Baroda (-2.38%) whereas major gainers were Sun Pharma (+3.70%), Ambuja Cements (+3.05%) and ACC (+2.00%).

The volume in the cash market for both NSE and BSE put together was down 0.40% to Rs. 133.40 bn from Rs. 133.90 bn Monday. The advance/decline ratio stood at 0.40:1 from 0.56:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart opened negative on global cues and faced resistance at 50.00% retracement levels on account of profit taking. We expect the market to take support at 5967, 5933, 5899 and 5885. The RSI(14) on hourly chart faced resistance at 40 level and was quoting below lower range of bullish 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

Keywords