Nifty closes down 23.65 points - Indsec Securities & Finance

The Nifty closed the day negative down 23.65 (0.39%) points at 6089.05 from 6112.70 Monday, on the back of good volumes. Major loser in Nifty were Indusind Bank (-4.69%), PNB (-3.56%) and IDFC (-3.42%) whereas major gainers were JP Associates (+5.03%), Tata Steel (+2.95%) and Asian Paints (+2.17%).

The volume in the cash market for both NSE and BSE put together was up 13.00% to Rs. 128.70 bn from Rs. 114.00 bn. The advance/decline ratio stood at 0.54:1 from 1.07:1 for stocks traded on NSE.

Nifty on the hourly chart opened positive at day's high but could not sustain as profit taking brought it down to close negative for the day. The Nifty after breaching 100% retracement levels, faced resistance at higher level. The RSI(14) has started coming down and is on its way to test 50 level.

Nifty on the daily chart breached the 38.2% (6092) extension level and closed marginally below it. The RSI(14) closed just below the upper range of bearish band, going forward it will act as good resistance.

Source : Equity Bulls

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