NIFTY closes down 42.30 points at 5816.70 - Indsec Securities & Finance

The Nifty closed the day negative down 42.30 (0.73%) points at 5816.70 from 5859.00 Tuesday, on the back of flat volumes. Major loser in Nifty were BPCL (3.05%), Bank of Baroda (-2.82%) and M&M (-2.72%) whereas major gainers were Lupin (+3.03%), HCL Tech (+2.05%) and Ultratech Cements (+1.64%).

The volume in the cash market for both NSE and BSE put together was down 3.00% to Rs. 106.30 bn from Rs. 109.10 bn. The advance/decline ratio stood at 0.78:1 from 1.69:1 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 27.2% retracement of XA swing high/low of 5904/5566. The RSI(14) on the hourly chart breached 50 levels and close below it.

Nifty on the daily chart breached 38.2% extension of swing High/Low 6229/5477 and closed below it. The RSI(14) on the daily chart closed just above 50 levels.

Source : Equity Bulls

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