NIFTY closes down 2.45 points at 5285.00 - Indsec Securities & Finance

The Nifty closed the day negative down 2.45 (0.05%) points at 5285.00 from 5287.45 Tuesday, on the back of very good volumes. Nifty Index and Stock Futures rollover to next expiry were 44.13% and 56.24% respectively. Major loser in Nifty were BHEL (-7.98%), ONGC (-6.02%) and Ultratech Cements (-5.61%) whereas major gainers were Ranbaxy (+10.83%), Cairn India (+5.34%) and JP Associates (+3.85%).

The volume in the cash market for both NSE and BSE put together was up 28.00% to Rs. 178.50 bn from Rs. 139.70 bn. The advance/decline ratio stood at 0.48:1 from 0.29:1 for stocks traded on NSE.

Nifty Hourly Chart opened negative on global cues along with weak INR (touched a low of 68.7550). The market had a roller coaster ride as it touched one year low and bouncing back to close at day's high on back of very good volumes. The Nifty has formed Wolfe Wave Buy pattern and is likely to move up. The RSI(14) reversed from the lower range of bearish band but faced resistance at 50 level and closed below it.

Nifty Daily Chart took support at 150.0% retracement level of swing High/Low 6229/5477 and bounced back to close at day's high. The RSI(14) is forming positive divergence.

Source : Equity Bulls

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