Nifty closes up 7.75 points at 5641.60 - Indsec Securities & Finance

The Nifty closed the day positive up 7.75 (0.14%) points at 5641.60 from 5633.85 Monday, on back of low volume. The roll over in Nifty futures to next month expiry is 45% and stock is 58%. Major loser in Nifty were Reliance Infra (-6.10%), Siemens (-4.93%) and GAIL (-3.20%) whereas major gainers were Bharti (+2.88%), Hindustan Unilever (+2.47%) and HDFC (+2.23%).

The volume in the cash market for both NSE and BSE put together was down 15.00% to Rs. 103.30 bn from Rs. 121.40 bn from Monday. The advance/decline ratio stood at 0.84:1 from 0.58:1 for stocks traded on NSE.

Nifty on the hourly chart continued to remain below 100.00% retracement of swing High/Low 5971/5663 and closed almost flat from yesterday's close. It is on its way to form butterfly buy pattern which is likely to get complete at 5580 level. The RSI(14) is range bound between the lower ranges of bullish and bearish band.

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. We expect 5663 to act as good resistance level for the market to move up.

Source : Equity Bulls

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