NIFTY closes down 143.15 Points at 5542.25 - Indsec Securities & Finance

The S&P CNX Nifty closed the day negative down 143.15 (2.52%) points at 5542.25 from 5685.40 Monday, on the back of good volumes. Major loser in S&P CNX Nifty were Tata Power (-15.00%), Indusind Bank (-7.87%) and Asian Paints (-7.50%) whereas major gainers were Tata Motors (+0.98%), Ambuja Cements (+0.90%) and Power Grid (+0.27%).

The volume in the cash market for both NSE and BSE put together was up 9.00% to Rs. 125.60 bn from Rs. 115.10 bn. The advance/decline ratio stood at 0.31:1 from 0.95:1 for stocks traded on NSE.

S&P CNX Nifty on the hourly chart opened negative following global cues as concerns about withdrawal of QE by FOMC loomed large. The Nifty retraced 100.0% (5566) of swing High/Low 6093/5566 and closed below it and is likely to form butterfly pattern. The RSI(14) is forming strong positive divergence and is likely to help market to move up on short covering.

S&P CNX Nifty on the daily chart is forming CD leg of butterfly/deep crab pattern. The RSI(14) has breached the lower range of bullish band and is moving toward lower range of bearish band.

Source : Equity Bulls

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