Nifty closes up 159.85 points - Indsec Securities & Finance

The Nifty closed the day positive up 159.85 (2.82%) points at 5842.20 from 5682.35 Thursday, on the back of flat volumes. Major loser in Nifty were Ranbaxy (2.72%), HCL Tech (-2.44%) and Hindustan Unilever (-0.65%) whereas major gainers were Jindal Steel & Power (+8.05%), BHEL (+6.93%) and BPCL (+6.16%).

The volume in the cash market for both NSE and BSE put together was up 5% to Rs. 165.60 bn from Rs. 157.90 bn. The advance/decline ratio stood at 2.66:1 from 1.151 for stocks traded on NSE.

Nifty on the hourly chart has crossed 38.2% retracement of swing High/Low 6229/5566 and closed just above it on the back of flat volumes. The RSI(14) on the hourly chart has retraced more than the price thereby indicating selling pressure on the higher levels. Nifty futures is also quoting at discount as against premium against cash market.

Nifty on the daily chart is forming AB=CD pattern with prices facing resistance at 38.2% extension of swing High/Low6229/5450 and closed below it. Going forward we expect resistance at the current levels.

Source : Equity Bulls

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