Nifty closes up 27.05 points - Indsec Securities & Finance

The Nifty closed the day positive up 27.05 (0.44%) points at 5971.05 from 5944.00 Friday, on the back of low volumes. Major loser in Nifty were Kotak Bank (1.61%), ONGC (-1.53%) and Ambuja Cements (-1.40%) whereas major gainers were Hindalco (+3.72%), Tata Steel (+3.65%) and TCS (+3.43%).

The volume in the cash market for both NSE and BSE put together was down 23.00% to Rs. 107.80 bn from Rs. 139.60 bn Friday. The advance/decline ratio stood at 1.43:1 from 0.64:1 for stocks traded on NSE.

The Nifty on the hourly chart after completing Wolfe Wave Sell Pattern remained range bound through the day. RSI RSI(14) on the hourly chart has taken support at 50 level and managed to close above it.

The Nifty on the daily chart faced resistance at 88.6% for retracement of swing high/low of 6111/5477 and closed just below it.

Source : Equity Bulls

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