Nifty closes down 0.61% at 5896.95 - Indsec Securities & Finance

The S&P CNX Nifty closed the day negative down 36.00 (0.61%) points at 5896.95 from 5932.95 Wednesday, on back of good volume. Major loser in S&P CNX Nifty were Siemens (-5.06%), Bharti (-4.40%) and BPCL (-4.16%) whereas major gainers were GAIL (+2.12%), GAIL (+2.01%) and Hindustan Unilever (+1.93%).

The volume in the cash market for both NSE and BSE put together was up 14.00% to Rs. 148.80 bn from Rs. 130.40 bn Wednesday. The advance/decline ratio stood at 0.31:1 from 0.69:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart opened flat and moved up during the day to face resistance at 27.2% retracement levels. The RSI(14) on the hourly chart breached the lower range of bullish band and close below it.

The S&P CNX Nifty on daily took support at 38.2% of the swing High/Low (6111/5548) retracement and closed just above it. The RSI(14) on the daily chart is showing signs of breaching the lower range of bullish band and test lower range of bearish band going forward.

Source : Equity Bulls

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