Nifty closes down by 5.65 points - Indsec Securities & Finance

The S&P CNX Nifty closed the day negative down 5.65 (0.10%) points at 5897.85 from 5903.50 Friday, on back of low volume. Major loser in S&P CNX Nifty were ACC (-3.50%), IDFC (-2.44%) and Jindal Steel & Power (-2.05%) whereas major gainers were Cipla (+3.77%), Axis Bank (+2.98%) and Hindalco (+2.37%).

The volume in the cash market for both NSE and BSE put together was down 23.00% to Rs. 115.90 bn from Rs. 149.80 bn Friday. The advance/decline ratio stood at 0.74:1 from 0.42:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart opened positive on global cues but could not sustain at the higher levels as profit taking brought it down. The market once again took support of 78.6% of retracement and close above it. The RSI(14) on the hourly chart is still moving in the band of lower range of both bearish and bullish band.

The S&P CNX Nifty on daily chart after forming AB=CD sell pattern has taken support at 78.6% of CD leg and closed above it. The RSI(14) on the daily chart after breaching lower range of bullish band is likely to test the lower range of bearish band.

Source : Equity Bulls

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