: Share Market Closing Bell: Sensex ends in the red, Nifty below 16,600 #IndiaNEWS #Business The Indian market slipped further on Wednesday followed by Tuesday fall.Sensex settled at 55381.17 losing

Share Market Closing Bell: Sensex ends in the red, Nifty below 16,600 #IndiaNEWS #Business
The Indian market slipped further on Wednesday followed by Tuesday fall.Sensex settled at 55381.17 losing 185 points or 0.33 percent and Nifty ended at 16522.75 with loss of 61 points or 0.37 percent. Bank Nifty closed the session at 35620.80 levels after gaining 133.40 points or 0.38 percent.

BSE Midcap and BSE Small cap indices ended on mixed note with 0.10 loss and 0.62 percent gain respectively. Foreign portfolio investors have sold nearly 44000 crore from the domestic market in the last month. As due to inflationary pressure the RBI is bringing down surplus liquidity in the system rapidly. INDIA VIX closed at 20.85 level with 1.81 percent intraday gain. Among sectors, Nifty PSU Bank and CPSE ended gaining less than a percent each while Nifty IT, Healthcare and Pharma shed more than a percent respectively.
Among Nifty stocks JSWSTEEL, COALINDIA, and HDFCLIFE were the top gainers while BAJAJAUTO, APOLLOHOSP and HINDALCO were the prime laggards. Coming to the OI Data, on the call side, the highest OI observed at 16800 followed by 16900 strike price while on the put side, the highest OI was at 16300 strike price.
Technically, the index has also formed a bearish candlestick pattern on the daily chart. Fibonacci retrenchment has support around 16300 levels. Traders may expect range bound movement within 16250 to 16700 level. Nifty is sustaining above 21 DMA acting as immediate support as well.
Overall Nifty may find support around 16300 levels followed by 16250, while on the upside 16700 may act as an immediate resistance. On the other hand, Bank nifty has support at 34800 levels while resistance at 36300 levels.
Om Mehra
Research Associates
Choice Broking
Source: Choice India
The post Share Market Closing Bell: Sensex ends in the red, Nifty below 16,600 appeared first on Bhaskar Live English News.

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