NIFTY Up 47.45 Points at 5859.00 - Indsec Securities & Finance

The Nifty closed the day positive up 47.45 (0.82%) points at 5859.00 from 5811.55 Monday, on the back of flat volumes. Major loser in Nifty were Jindal Steel & Power (-2.10%), M&M (-1.01%) and Hindustan Unilever (0.78%) whereas major gainers were Power Grid (+4.32%), Sun Pharma (+3.55%) and Kotak Mahindra Bank (+3.15%).

The volume in the cash market for both NSE and BSE put together was up 4.00% to Rs. 109.10 bn from Rs. 104.90 bn. The advance/decline ratio stood at 1.69:1 from 0.67:1 for stocks traded on NSE.

Nifty on the hourly chart is forming Gartley/Bat pattern with likely target price of 5600. The Nifty took support at 38.2% retracement of XA swing high/low of 5904/5566. The RSI(14) on the hourly chart faced managed to cross 50 levels and close above it.

Nifty on the daily chart took support at 38.2% extension of swing High/Low 6229/5477 and managed to close above it. The Nifty followed global cues and corrected in the morning session followed by weak INR also. The RSI(14) on the daily chart closed just above 50 levels.

Source : Equity Bulls

Keywords