: Share Market Closing Bell: Sensex drops 643 pts and Nifty50 gives up 16,250 as market fails in last 30 minutes #IndiaNEWS #Business The benchmark index opened flat on Monday and decent buying was

Share Market Closing Bell: Sensex drops 643 pts and Nifty50 gives up 16,250 as market fails in last 30 minutes #IndiaNEWS #Business
The benchmark index opened flat on Monday and decent buying was observed across the sectors in the first half but in the second session sellers dominated and wiped out all intraday gain.

However, the Metal sector witnessed the worst fall in this year. Nifty ended at 16214.70 losing 51 points or 0.32 percent. While Banknifty closes at 34247.60 with a loss of 28.8 points. Among sectors Nifty AUTO and Nifty IT gained 1.84 & 1 percent respectively. While Nifty Metal sheds the most with 8.14 percent followed by Nifty commodity and Nifty PSE 2 % each.
Global market lacked any clear direction, showing a tendency to move sideways. In Nifty Stocks like M&M, MARUTI and HINDUNILVR were the top gainers while JSWSTEEL, TATASTEEL and DIVISLAB were the prime laggards. INDIA VIX settled at 23.40 indicates volatility can drive either side till monthly expiry.
Investors awaited the last leg of financial results for a clear trend as well. Technically, Nifty has formed a bearish candlestick on the daily timeframe. Bulls remain in trap as from the past week no continuous day, index is closed in green. From the hourly chart, Nifty has formed a triple top pattern suggesting weakness amid coming days, however view negated closing and sustaining above 16400 levels. Indicators such as RSI still remained in the oversold zone while MACD also suggests weakness ahead.
Till now or in the month of May FII have sold almost 44,102 crore while DII have bought 36,208 crore. The Nifty may find support around 16000 levels followed by 15850 while on the upside 16500 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33500 , while resistance is placed at 35200 levels.
Om Mehra
Research Associate
Choice Broking
Source: Choice India
The post Share Market Closing Bell: Sensex drops 643 pts and Nifty50 gives up 16,250 as market fails in last 30 minutes appeared first on Bhaskar Live English News.

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