Nifty closes up 82.40 points - Indsec Securities & Finance

The Nifty closed the day positive up 82.40 (1.41%) points at 5945.70 from 5863.30 Thursday, on back of good volume. Major loser in Nifty were Ambuja Cements (-1.42%), Maruti (-1.41%) and Infosys (-0.89%) whereas major gainers were Jindal Steel & Power (+5.71%), IDFC (+4.13%) and HDFC (+3.99%).

The volume in the cash market for both NSE and BSE put together was up 12.00% to Rs. 135.10 bn from Rs. 120.50 bn Thursday. The advance/decline ratio stood at 1.90:1 from 1.28:1 for stocks traded on NSE.

The Nifty on the hourly chart opened positive on account of global cues and continued to move up during the day on account of short covering. We expect market to test 5950 - 5980 - 6015 on the upper side before facing any major resistance.

The Nifty on the daily chart faced resistance at 61.8% retracement of swing High/Low 6111/5663. The RSI(14) on the daily chart likely to face resistance at upper range of bearish band.

Source : Equity Bulls

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