Nifty down 3.35 points - Indsec Securities & Finance

The Nifty closed the day negative down 3.35 (0.06%) points at 5942.35 from 5945.70 Friday, on back of low 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 down 12.00% to Rs. 119.30 bn from Rs. 135.10 bn Friday. The advance/decline ratio stood at 0.97:1 from 1.90:1 for stocks traded on NSE.

The Nifty on the hourly chart faced resistance at 161.8% of swing high/low 5850/5663 projection at 5965. We expect market to test 5950 - 5980 - 6015 on the upper side before facing any major resistance. The RSI(14) on the hourly chart face resistance at upper range of bullish band and closed above upper range of bearish band.

The Nifty on the daily chart took support 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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