Nifty closes down 209.30 points at 5341.45 - Indsec Securities & Finance

The Nifty closed the day negative down 209.30 (3.78%) points at 5341.45 from 5550.75 Monday, on the back of good volumes. Major loser in Nifty were Axis Bank (-9.42%), Indusind Bank (-8.57%) and DLF (-6.84%) whereas major gainers were Lupin (+2.51%), Cairn India (+1.27%) and Coal India (+1.18%).

The volume in the cash market for both NSE and BSE put together was up 21.00% to Rs. 134.80 bn from Rs. 111.80 bn. The advance/decline ratio stood at 0.39:1 from 2.19:1 for stocks traded on NSE.

Nifty Hourly Chart opened positive but could not sustain as global cues turned negative due to tension in Mediterranean region. The market reversed from the target area of Wolfe Wave Buy Pattern and closed as day's low with good volume. The RSI(14) moved down sharply to close at the lower range of bullish band indicating support at this level.

Nifty Daily Chart after reversing from 150.0% retracement level of swing High/Low 6229/5477 faced resistance at 88.6% retracement levels. The RSI(14) faced resistance at 50 level and came down to close just above the lower range of bullish band.

Source : Equity Bulls

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