: Dalal Street witnessed a roller coaster ride throughout the week #IndiaNEWS #Business Dalal Street witnessed a roller coaster ride throughout the week, On Monday Nifty opened with a loss of 292 points

Dalal Street witnessed a roller coaster ride throughout the week #IndiaNEWS #Business
Dalal Street witnessed a roller coaster ride throughout the week, On Monday Nifty opened with a loss of 292 points and closed in red, the downside rally continued on Tuesday as well losing 1.73%. In between bulls have somewhat managed to take control on bears. But lastly on Friday once again severe sell-off was observed in indices as well as sectorally leading to a close with the loss of Sensex 1.96 %, settled at 57197.15 and nifty 1.74%, settled at 17171.95 respectively. The volatility Index hiked by 0.38% on a weekly basis. During the week the US market also came into panic mode after the Fed signaled that a rate hike might be coming next month.

On the sectoral front, Nifty AUTO gained the most with 2.86% followed by Nifty ENERGY 2.83% and Nifty CPSE 2.35% while Nifty IT lost more than 5%
On the Stock front in Nifty stock, the RELIANCE saw more than 8.41 gains, while on the loser’s side INFOSYS crumbled more than 9%.
Technically, after forming the evening star on the weekly chart, index has formed a Doji candlestick which shows indecisiveness among the trades. Moreover, the index has also faced resistance from falling trend lines and showed profit booking from higher levels. On the daily chart, It has failed to close above 17200 level, indicating traders will opt to sell on rising. Immediate support of 17000 has already been violated already, so next strong support would be on 16800 followed by 16600. Short-term investors may opt for stock-specific action with a positive bias. Indicators such as MACD and RSI show negative crossover further indicating weakness in price action. Overall, the Nifty index is having support at 16800 marks while resistance at 17550 followed by 17650, while Banknifty support is placed at 35500 followed by 35200 and resistance at 37200.
Sumeet Bagadia
Executive Director
Choice Broking
Source: Choice India
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