Nifty closes up 22.25 points at 5928.40 - Indsec Securities & Finance

The Nifty closed the day positive up 22.25 (0.38%) points at 5928.40 from 5906.15 Monday, on the back of good volumes. Major loser in Nifty were BPCL (-3.16%), Hindalco (-1.97%) and IDFC (-1.93%) whereas major gainers were Tata Power (+2.75%), Bharti Airtel (+2.74%) and L&T (+2.38%).

The volume in the cash market for both NSE and BSE put together was up 10.00% to Rs/ 121.50 bn from Rs. 110.10 bn. The advance/decline ratio stood at 1.19:1 from 1.33:1 for stocks traded on NSE.

Nifty on the hourly chart opened positive as RBI reduced rates by 50 bps on MSF (Marginal Standing Facility) from 9.50% to 9.00% and extended liquidity through OMO. The Nifty could not sustain at higher levels as profit taking brought down the market to close at day's low. The RSI(14) has reversed from upper range of bearish band and is on its way to 50 level.

Nifty on the daily chart after gap up opening is likely to form evening star if we have gap down opening with negative closing tomorrow. The market will find support at 5865 – 5840 which will also coincide with RSI(14) touching 50 level.

Source : Equity Bulls

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