Nifty closed down 13.70 points at 6154.70 - Indsec Securities & Finance

The Nifty closed the day negative down 13.70 (0.22%) points at 6154.70 from 6168.40 Friday, on the back of low volumes. Major loser in Nifty was Jindal Steel & Power (-3.21%), Sun Pharma (-2.63%) and M&M (-2.52%), whereas major gainers in Nifty were Sesa Sterlite (+4.51%), Infosys (+2.32%) and Tata Power (+1.89%).

The volume in the cash market for both NSE and BSE put together was down 4.00% to Rs. 114.60 bn from Rs. 119.50 bn. The advance/decline ratio stood at 0.73:1 from 0.33:1 for stocks traded on NSE.

Nifty on the hourly chart opened flat as market is waiting for direction on interest rates from RBI credit policy to be announced on December 18, 2013 and FOMC meet on December 19, 2013. The market is expecting a rate hike as CPI can WPI are quoting above RBI's comfort levels. The Nifty has almost retraced 61.8% (6141 support) retracement of swing High/Low of 6415/5972. The RSI(14) has almost touched the lower range of bearish band and closed above it.

Nifty on the daily chart after completing Butterfly Sell pattern is forming AB=CD pattern with the likely support at 6125 – 6085 – 6045 extension of swing High/Low of 6343/5973. The RSI(14) has just breached 50 level and closed below it, thereby indicating further down fall to continue next week before any major support can be seen.

Source : Equity Bulls

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