NIFTY closes up 4.40 Points at 5923.85 - Indsec Securities & Finance

The Nifty closed the day positive up 4.40 (0.10%) points at 5923.85 from 5919.45 Tuesday, on the back of flat volumes. Major loser in Nifty were Ambuja Cements (-1.69%), Infosys (-1.39%) and HDFC (-1.20%) whereas major gainers were DLF (+3.24%), Reliance Inds (+2.79%) and ONGC (+2.01%).

The volume in the cash market for both NSE and BSE put together was up 0.25% to Rs. 108.20 bn from Rs. 107.90 bn Tuesday. The advance/decline ratio stood at 1.04:1 from 0.91:1 for stocks traded on NSE.

The Nifty on the hourly chart opened flat and remained ranged bound through the day. The RSI(14) continued to remain range bound between lower range of bullish and bearish band.

The Nifty on the daily chart has completed BC leg of Bat pattern and is on its way to form CD leg (down). The 38.2% retracement is acting as good resistance level. It has potential to test lower levels of 5850 - 5765 - 5640 - 5565 for the pattern to complete. The RSI(14) breached 50 level and is slowly moving towards lower range of bullish band.

Source : Equity Bulls

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