Nifty closes down 17.50 points - Indsec Securities & Finance

The Nifty closed the day negative down 17.50 (0.31%) points at 5633.85 from 5651.35 Friday, on back of flat volume. The roll over in Nifty futures to next month expiry is 34% and stock is 35%. Major loser in Nifty were Bank of Baroda (-2.72%), Hero Motocorp (-2.52%) and IDFC (-2.48%) whereas major gainers were DLF (+4.85%), ONGC (+2.81%) and NTPC (+2.26%).

The volume in the cash market for both NSE and BSE put together was down 2.00% to Rs. 121.30 bn from Rs. 123.90 bn Friday. The advance/decline ratio stood at 0.58:1 from 0.48:1 for stocks traded on NSE.

Nifty on the hourly chart remained below 100.00% retracement of swing High/Low 5971/5663 and closed below it. It is on its way to form butterfly buy pattern which is likely to get complete at 5580 level. The RSI(14) is not able to cross lower range of bullish band and has once again come down to lower range of bearish band. Since the market has closed below 5663 on hourly basis it is likely to go down further up to 5579 and 5473.

Nifty on the daily chart has closed below the crucial support of 5663 and continue to form the CD Leg of butterfly/Bat pattern in the coming week. Since next week is expiry week for F&O, the focus will be on roll over.

Source : Equity Bulls

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