Nifty closes up by 35.30 points - Indsec Securities & Finance

The Nifty closed the day positive up 35.30 (0.64%) points at 5594.00 from 5558.70 Wednesday, on the back of flat volumes. Major loser in Nifty were HDFC (-2.50%), Bharti Airtel (-2.29%) and Tata Steel (-2.21%) whereas major gainers were DLF (+5.00%), Tata Motors (+3.79%) and Indusind Bank (+3.63%).

The volume in the cash market for both NSE and BSE put together was up 6.00% to Rs. 120.00 bn from Rs. 113.50 bn Wednesday. The advance/decline ratio stood at 1.18:1 from 1.10:1 for stocks traded on NSE.

Nifty on the hourly chart faced resistance at 100% retracement of swing high/low 5755/5605 and closed just below it. We expect the market to face resistance at 5605 - 5611 - 5665 levels going forward. Along with these level the RSI(14) is also likely to face resistance at higher range of bearish band.

The Nifty on the daily chart is likely to face resistance at 27.2% (5650) retracement of swing High/Low 6111/5477. The RSI(14) on the daily chart is likely to face resistance from lower range of bullish band.

Source : Equity Bulls

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