Nifty closes down 13.30 points at 5401.45 - Indsec Securities & Finance

The Nifty closed the day negative down 13.30 (0.25%) points at 5401.45 from 5414.75 Monday, on the back of good volumes. Major loser in Nifty were Tata Motors (-4.56%), ACC (-4.40%) and HCL Tech (-3.47%) whereas major gainers were Sesa Goa (+16.37%), JP Associates (+5.19%) and Tata Steel (+4.11%).

The volume in the cash market for both NSE and BSE put together was up 12.00% to Rs. 144.10 bn from Rs. 128.90 bn. The advance/decline ratio stood at 1.09:1 from 0.50:1 for stocks traded on NSE.

Nifty on the hourly chart opened negative on account of continued weakness in INR which touched a new low of 64.12 and negative global cues. The RSI(14) has formed positive divergence which is likely to help market to bounce back and witness relief rally.

Nifty on the daily chart took support at 150.0% retracement levels but faced resistance at 127.2% retracement level of swing High/Low 5566/6093. The RSI(14) is likely to form positive divergence going forward.

Source : Equity Bulls

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