Nifty closes up 75.25 points - Indsec Securities & Finance

The Nifty closed the day positive up 75.25 (1.25%) points at 6096.20 from 6020.95 Thursday, on the back of good volumes. Major loser in Nifty were Coal India (-3.88%), NTPC (-2.60%) and Hindalco (-2.39%) whereas major gainers were ICICI Bank (+5.17%), Bank of Baroda (+4.90%) and Infosys (+4.70%).

The volume in the cash market for both NSE and BSE put together was up 18.00% to Rs. 145.30 bn from Rs. 123.50 bn. The advance/decline ratio stood at 1.17:1 from 1.39:1 for stocks traded on NSE.

Nifty on the hourly chart opened positive on account of global cues as US was heading towards raising debt ceiling and avoiding a default. Infosys Q2 result announcement prior to market opening also had positive impact on the market. Short covering in the last hour lead to the market closing at day's high. The RSI(14) is quoting at the upper range of bullish band, thereby indicating resistance at the current level.

Nifty on the daily chart breached the 38.2% (6092) extension level and closed marginally above it. The RSI(14) closed just above the upper range of bearish band, going forward if it continues to remain above we can expect the market to continue it journey up.

Nifty on the weekly chart managed to close above 6090 (38.2%) extension level of swing high/low 6338/2252 after a very long time since may 2013 when it closed above it for the first time. We expect market to face resistance at the current level, but if the market is able to close above this level for the next week, then we can expect market to continue its journey up and is likely to make new high in short time.

Source : Equity Bulls

Keywords