Nifty closes down 89.20 points at 5788.80 - Indsec Securities & Finance

The S&P CNX Nifty closed the day negative down 89.20 (1.55%) points at 5788.80 from 5878.00 Monday, on the back of good volumes. Major loser in S&P CNX Nifty were Jindal Steel & Power (-15.38%), Hindalco (-6.21%) and Tata Power (6.05%) whereas major gainers were Cipla (+1.84%), Ambuja Cements (+1.62%) and Bajaj Auto (+0.92%).

The volume in the cash market for both NSE and BSE put together was up 35.00% to Rs. 132.80 bn from Rs. 98.50 bn. The advance/decline ratio stood at 0.30:1 from 0.47:1 for stocks traded on NSE.

Weak INR had its impact on the market with S&P CNX Nifty trading negative through the day closing at the day's low. The RSI(14) moved to the lower range of bearish band further indicating selling pressure at higher levels. The Nifty is likely to complete AB=CD pattern at 5760 (127.2%).

The S&P CNX Nifty on the daily chart has gathered momentum in CD leg and is likely to take breather at 5764 levels (61.8%). It has potential to test lower levels of 5764 - 5640 - 5565 for the pattern to complete. The RSI(14) breached the lower range of bullish band and is gradually moving toward lower range of bearish band.

Source : Equity Bulls

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