Nifty jumps 129.65 points - Indsec Securities & Finance

The S&P CNX Nifty closed the day positive up 129.65 (2.24%) points at 5909.70 from 5780.05 Tuesday, on the back of very good volumes. Major loser in S&P CNX Nifty were Hindustan Unilever (-1.54%), ITC (-1.24%) and NTPC (-0.03%) whereas major gainers were JP Associates (+7.58%), Sesa Goa (+7.36%) and Ambuja Cements (+5.94%).

The volume in the cash market for both NSE and BSE put together was up 35.00% to Rs. 141.20 bn from Rs. 104.70 bn. The advance/decline ratio stood at 1.93:1 from 1.37:1 for stocks traded on NSE.

S&P CNX Nifty on the hourly chart opened positive on account of appreciating INR and better credit off take. The market opened positive and continued to move up to close at day's high on the back of very good volumes. The RSI(14) has crossed the upper range of bearish band and is on its way toward upper range of bullish band. Nifty is likely to face resistance at 5975 - 6050 levels.

S&P CNX Nifty on the daily chart after taking support at 38.2% extension it reversed and has once again started its journey up. The RSI(14) after taking support at 50 level is likely to test upper range of bearish band.

Source : Equity Bulls

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