Nifty closes down 43.20 points - Indsec Securities & Finance

The Nifty closed the day negative down 43.20 (0.71%) points at 6045.85 from 6089.05 Tuesday, on the back of good volumes. Major loser in Nifty were HCL Tech (-6.73%), TCS (-4.83%) and Indusind Bank (-4.49%) whereas major gainers were JP Associates (+7.19%), Bharti Airtel (+2.82%) and ONGC (+2.14%).

The volume in the cash market for both NSE and BSE put together was up 10.00% to Rs. 140.60 bn from Rs. 128.70 bn. The advance/decline ratio stood at 0.96:1 from 0.54:1 for stocks traded on NSE.

Nifty on the hourly chart opened positive on account of global cues as US government was able to avert debt default. The Nifty could not sustain at higher levels as profit taking brought down the market to close at day's low. The RSI(14) after breaching 50 level faced resistance at that level and has once again started coming down.

Nifty on the daily chart faced resistance at the 38.2% (6092) extension level and came down sharply. The RSI(14) has once again started its journey down to test 50 level.

Source : Equity Bulls

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