Nifty closes flat at 5688.70 - Indsec Securities & Finance

The Nifty closed the day negative down 0.25 (0.01%) points at 5688.70 from 5688.95 Tuesday, on the back of very good volumes. Major loser in Nifty were Reliance Inds (-3.88%), Reliance Infra (-2.72%) and TCS (1.79%) whereas major gainers were M&M (+4.27%), Sesa Goa (+4.08%) and Ambuja Cements (+3.66%).

The volume in the cash market for both NSE and BSE put together was up 22.00% to Rs. 153.00 bn from Rs. 125.10 bn Tuesday. The advance/decline ratio stood at 0.98:1 from 1.58:1 for stocks traded on NSE.

The Nifty on hourly chart has completed BAT Sell pattern and reversed from that level. Going forward we expect Nifty to take support at 5655 - 5625 - 5560. The RSI(14) took support at higher range of bearish band and closed just above it.

The Nifty on the daily chart after facing resistance at 38.2% (5720) retracement levels came down and closed below it. The daily Nifty chart is also forming Evening Star Candle stick pattern, which will be confirmed if it opens gap down tomorrow.

Source : Equity Bulls

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