Nifty closed at 6038.05, up by 64.75 points - Indsec Securities & Finance

The Nifty closed the day positive up 64.75 (1.08%) points at 6038.05 from 5973.30 Wednesday, on the back of low volumes. Major loser in Nifty were M&M (-2.06%), HCL Tech (-1.87%) and TCS (-1.08%) whereas major gainers were ONGC (+4.60%), Reliance Infra (+4.60%) and Asian Paints (+4.02%).

The volume in the cash market for both NSE and BSE put together was down 10.00% to Rs. 142.90 bn from Rs. 158.00 bn. The advance/decline ratio stood at 1.26:1 from 0.65:1 for stocks traded on NSE.

Nifty remained range bound through the day and was volatile during the last hour of the day on account of short covering. Nifty took support at 50.0% extension of swing High/Low 5900/5550 and closed below it. The RSI(14) on the hourly chart crossed the upper range of bearish band and closed above it.

Nifty on the daily chart is also forming AB=CD pattern and it breached 61.8% of AB extension at 6031 and closed above it. The RSI(14) on the daily chart is moving toward upper range of bearish band.

Source : Equity Bulls

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