Nifty closes up 69.15 points - Indsec Securities & Finance

The Nifty closed the day positive up 69.15 (1.20%) points at 5999.35 from 5930.20 Tuesday, on the back of low volumes. Major loser in Nifty were Hindustan Unilever (-2.05%), Cairn India (-1.92%) and Hero Motocorp (1.86%) whereas major gainers were TCS (+4.03%), Reliance Infra (+3.88%) and M&M (+3.19%).

The volume in the cash market for both NSE and BSE put together was down 13.00% to Rs. 145.10 bn from Rs. 165.80 bn Tuesday. The advance/decline ratio stood at 1.40:1 from 0.91:1 for stocks traded on NSE.

The Nifty on hourly chart is forming Wolfe wave sell pattern, closing below the up moving trend line will confirm the sell pattern. The RSI(14) on hourly chart moved above the upper range of bearish band and closed above it.

The Nifty on the daily chart is likely to face resistance at 88.6% retracement level of swing High/Low 6111/5477.

Source : Equity Bulls

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