Nifty closes down 90.80 points - Indsec Securities & Finance

The Nifty closed the day negative down 90.80 (1.53%) points at 5852.25 from 5943.05 Wednesday, on back of good volume. Major loser in Nifty were Jindal Steel & Power (-4.08%), Tata Steels (-4.05%) and JP Associates (3.75%) whereas major gainers were Cipla (+0.05%), GAIL (+0.04%) and Bajaj Auto (+0.04%).

The volume in the cash market for both NSE and BSE put together was up 27.00% to Rs. 152.20 bn from Rs. 119.80 bnWednesday. The advance/decline ratio stood at 0.31:1 from 1.12:1 for stocks traded on NSE.

The Nifty on the hourly chart opened negative on account of global cues and remained negative through the day to close at the day's low. The Nifty took support at 50% of extension level. The RSI(14) on the hourly chart faced resistance at upper range of bearish band and closed just below it.

Nifty on the daily chart breached 38.2% retracement level and is likely to test 50% level of swing high/low 6111/5548 retracements. As per daily chart retracements the market is likely find support at 5830, 5763 and 5668 levels. The RSI(14) on the daily chart breached lower range of bullish band.

Source : Equity Bulls

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