Nifty closes up 13.50 points at 6020.95 - Indsec Securities & Finance

The Nifty closed the day positive up 13.50 (0.22%) points at 6020.95 from 6007.45 Wednesday, on the back of low volumes. Major loser in Nifty were Tata Power (-2.45%), Hindalco (-2.13%) and Kotak Mahindra Bank (-1.82%) whereas major gainers were Tata Motors (+4.93%), Ranbaxy (+3.39%) and NMDC (+2.95%).

The volume in the cash market for both NSE and BSE put together was down 8.00% to Rs. 123.50 bn from Rs. 133.90 bn. The advance/decline ratio stood at 1.39:1 from 1.86:1 for stocks traded on NSE.

Nifty on the hourly chart opened negative on account of global cues but recovered from the low on account of value buying. The Nifty is likely to form Wolfe Wave Sell Pattern as Wave 5 tested the up moving trend line. An hourly closing below the trend line will confirm short term reversal. The RSI(14) remained range bound above upper range of bearish band.

Nifty on the daily chart is forming simple AB=CD pattern and closed above 27.2% extension. The market will find support at 5980. The RSI(14) is on its way to test upper range of bearish band.

Source : Equity Bulls

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