Nifty closed up 8.40 points - Indsec Securities & Finance

The Nifty closed the day positive up 8.40 (0.14%) points at 5882.25 from 5873.85 Wednesday, on the back of flat volumes. Nifty and Stocks future rollover to the next expiry were at 64.89% and 76.16% respectively. Major loser in Nifty were Jindal Steel & Power (-3.86%), Grasim Inds (-2.46%) and GAIL (-2.38%) whereas major gainers were BHEL (+5.31%), Tata Steel (+3.02%) and Coal India (+2.98%).

The volume in the cash market for both NSE and BSE put together was up 10.00% to Rs. 139.70 bn from Rs. 127.20 bn. The advance/decline ratio stood at 1.08:1 from 0.79:1 for stocks traded on NSE.

Nifty Hourly Chart opened flat on the expiry day and remained range bound through the day on back of flat volume. The market once again closed above 5865 (27.2%) retracement level. The RSI(14) reversed from 50 level and once again heading towards lower levels.

Nifty Daily Chart is forming AB=CD pattern with likely support at 27.2% extension level of 5840. The RSI(14) is likely to take support at 50 level.

Source : Equity Bulls

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