Nifty closes down 36.45 points at 5813.60 - Indsec Securities & Finance

The Nifty closed the day negative down 36.45 (0.63%) points at 5813.60 from 5850.05 Monday, on the back of flat volumes. Major loser in Nifty were Ranbaxy (3.54%), Bank of Baroda (-2.90%) and NTPC (-2.56%) whereas major gainers were Tata Steel (+2.91%), Sesa Goa (+1.18%) and Tata Power (+1.15%).

The volume in the cash market for both NSE and BSE put together was up 5.00% to Rs. 104.40 bn from Rs. 99.70 bn. The advance/decline ratio stood at 0.99:1 from 1.19:1 for stocks traded on NSE.

The Nifty on the hourly chart is making a simple retracement after completion of AB=CD pattern. It faced resistance at 38.2% retracement of swing high/low 6133/5683 at 5855. Besides this the premium between the cash and futures prices has turned negative.

The Nifty on the daily chart if closes negative tomorrow, it is likely to form Gartley/Bat buy pattern which is going to complete between 5640 - 5560. The RSI(14) is likely to take support at lower range of bullish band.

Source : Equity Bulls

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