Nifty closes up 79.40 points on expiry day - Indsec Securities & Finance

The Nifty closed the day positive up 79.40 (1.36%) points at 5916.30 from 5836.90 Tuesday, on the back of good volumes and VWAP buying in the last half hour of the trading. Nifty and stocks rollover was at 60.00% & 68.00% respectively. Major loser in Nifty were TCS (-1.97%), DLF (1.80%) and HCL Tech (-1.79%) whereas major gainers were Dr Reddy's (+4.79%), GAIL (+4.35%) and Tata Motors (+4.19%).

The volume in the cash market for both NSE and BSE put together was up 52.00% to Rs. 179.50 bn from Rs. 118.40 bn Tuesday. The advance/decline ratio stood at 1.19:1 from 0.90:1 for stocks traded on NSE.

The Nifty on hourly chart formed Crab Sell pattern and reversal will be confirmed once market closes negative for two consecutive days. The RSI(14) on hourly chart is forming very strong negative divergence and the market will face resistance at current levels.

The Nifty on the daily chart is inching towards 70.7% retracement levels of swing High/Low 6111/5477. The RSI(14) is likely to face resistance at upper range of bearish band going forward.

Source : Equity Bulls

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