Nifty closes up by 85.75 points - Indsec Securities & Finance

The Nifty closed the day positive up 85.75 (1.50%) points at 5784.25 from 5698.50 Monday, on back of flat volume. Major loser in Nifty were Bajaj Auto (0.79%), BHEL (-0.70%) and HDFC (-0.09%) whereas major gainers were Sesa Goa (+5.31%), Hindalco (+4.50%) and HCL Tech (+4.22%).

The volume in the cash market for both NSE and BSE put together was up 3.00% to Rs. 125.10 bn from Rs. 121.30 bn Monday. The advance/decline ratio stood at 2.13:1 from 0.35:1 for stocks traded on NSE.

The Nifty on the hourly chart opened positive on account of global cues and continued to move up further to close at day’s high. The Nifty on the hourly chart is forming hidden negative divergence with prices moving up slower as compared to RSI(14). As a result of which we can see resistance at the current levels. We expect market to test 5815 – 5830 on the upper side before facing any major resistance.

Source : Equity Bulls

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