Nifty closes Monday on positive note - Indsec Securities & Finance

The S&P CNX Nifty closed the day positive up 72.75 (1.22%) points at 6024.05 from 5951.30 Friday, on back of low volume. The CNX S&P Nifty, after opening positive witnessed profit taking at the higher levels, but as the inflation numbers were announced the market rallied to close at the day's high. The Put/Call ratio based on Open Interest for this month expiry went up to 1.32 from 1.25 Friday. Major loser in S&P CNX Nifty were Maruti (-1.67%), Lupin (-1.46%) and Cipla (-1.23%) whereas major gainers were DLF (+7.27%), ONGC (+4.41%) and HCL Tech (+4.33%).

The volume in the cash market for both NSE and BSE put together was down 9.50% to Rs. 149.60 bn from Rs. 165.20 bn Friday. The advance/decline ratio stood at 1.56:1 from 0.33:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart faced resistance at 100% fibo projections and close below it. We expect the market to take support at 6015, 5997, 5970, 5930, 5900, 5860. The RSI(14) on hourly chart faced resistance at upper range of bearish band and closed at that levels.

The S&P CNX Nifty on daily chart continued to form AB=CD pattern. The stochastic has confirmed the sell signal and is reversing.

Source : Equity Bulls

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