Nifty up 18.85 points at 5609.10 - Indsec Securities & Finance

The Nifty closed the day positive up 18.85 (0.34%) points at 5609.10 from 5590.25 Monday, on the back of good volumes. The rollover in Nifty index and stocks futures was 29.83% and 35.48% respectively to next expiry. Major loser in Nifty were Cairn India (-3.02%), Lupin (-2.87%) and NTPC (-2.78%) whereas major gainers were ONGC (+4.22%), Bharti (+4.18%) and Indusind Bank (+3.97%).

The volume in the cash market for both NSE and BSE put together was up 13.00% to Rs. 135.00 bn from Rs. 119.20 bn. The advance/decline ratio stood at 0.71:1 from 0.24:1 for stocks traded on NSE.

The Nifty on the hourly chart after completing Wave 5 of Elliott wave at 5566 levels yesterday tried to move up only find resistance at higher levels as good selling brought down the market to close almost flat. The RSI(14) on the hourly chart faced resistance at 50 level and close just above the lower range of bullish band.

The Nifty on the daily chart has almost completed Bat Pattern at 88.6% of swing high/low 6229/5477 and managed to close above it. The pattern will be confirmed once the market closes positive for two more consecutive days. So keep a watch on this reversal pattern.

Source : Equity Bulls

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