Nifty closed up 0.30% at 5973.30 - Indsec Securities & Finance

The Nifty closed the day positive up 18.05 (0.30%) points at 5973.30 from 5955.25 Tuesday, on the back of very good volumes. Major loser in Nifty were Tata Steel (-3.34%), Bank of Baroda (-3.11%) and Axis Bank (-3.02%) whereas major gainers were Hindustan Unilever (+9.94%), Asian Paints (+3.63%) and Ambuja Cements (+3.07%).

The volume in the cash market for both NSE and BSE put together was up 30.00% to Rs. 158.00 bn from Rs. 121.60 bn. The advance/decline ratio stood at 0.65:1 from 0.47:1 for stocks traded on NSE.

Nifty remained range bound through the day and was volatile during the last hour of the day with good volumes. Nifty took support at 27.2% retracement of swing High/Low 6038/5566 and closed above it. The RSI(14) on the hourly chart moved up marginally above 50 level.

Nifty on the daily chart is also forming AB=CD pattern and it took support at 50.0% of AB extension at 5925. The RSI(14) on the daily chart remained range bound.

Source : Equity Bulls

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