Nifty closes down 51.55 points - Indsec Securities & Finance

The S&P CNX Nifty closed the day negative down 51.55 (0.90%) points at 5694.40 from 5745.95 Tuesday, on back of flat volume. Major loser in S&P CNX Nifty were Reliance Infra (-9.25%), Bharti (-4.55%) and JP Associates (-4.27%) whereas major gainers were Hindustan Unilever (+3.34%), Asian Paints (+1.70%) and Cipla (+1.62%).

The volume in the cash market for both NSE and BSE put together was down 7.00% to Rs. 143.90 bn from Rs. 155.00 bn Tuesday. The advance/decline ratio stood at 0.26:1 from 0.32:1 for stocks traded on NSE.

S&P CNX Nifty on the hourly chart after breaching 78.6% retracement of swing High/Low 5971/5663 is on its way to form butterfly buy pattern which is likely to get complete at 5580 level. The RSI(14) is also quoting at lower range of bearish band thereby indicating support at this level. But if the market closes below 5663 on hourly basis then the market will continue to go down further and test 5579 and 5473.

The daily chart the market is likely to make butterfly/deep crab pattern.

Source : Equity Bulls

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