Nifty closed the day down by 13.05 points - Indsec Securities & Finance

The Nifty closed the day negative down 13.05 (0.23%) points at 5742.00 from 5755.05 Tuesday, on the back of very good volumes. Major loser in Nifty were DLF (-6.43%), Axis Bank (-5.35%) and NTPC (-5.08%) whereas major gainers were Bharti Airtel (+7.29%), Dr Reddy's (+4.77%) and Hindalco (+4.16%).

The volume in the cash market for both NSE and BSE put together was up 41.00% to Rs. 169.20 bn from Rs. 119.80 bn. The advance/decline ratio stood at 0.52:1 from 0.32:1 for stocks traded on NSE.

Nifty on the hourly chart opened negative on account of global cues and went down further as INR weakened and made day's low. The Nifty breached support at 61.8% (5867) retracement levels of swing High/Low 6093/5566 and took support at 78.6% (5680). The RSI(14) on the hourly chart after making a bottom reversed to close above the lower range of bearish band.

Nifty of the daily chart is forming CD leg of butterfly/deep crab. The RSI(14) on the daily chart closed just below the lower range of bullish band indicating further selling pressure.

Source : Equity Bulls

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