: Share Market Closing Bell: Nifty ends below 15,800, Sensex tanks over 1,456 pts #IndiaNEWS #Business The Indian markets opened near to 2 percent lower on Monday, also the rupee hit a record low as

Share Market Closing Bell: Nifty ends below 15,800, Sensex tanks over 1,456 pts #IndiaNEWS #Business
The Indian markets opened near to 2 percent lower on Monday, also the rupee hit a record low as U.S inflation data and a COVID-19 warning from Beijing upset global markets. Nifty settled at 15774.40 losing 427.40 points or 2.64 percent while Bank Nifty settled at 33405.85 level, down by 3.13 percent.

NSE Midcap and Small cap also ended on the lower side losing 2.86 and 3.87 percent respectively. All the sectors ended on the negative side, however Nifty IT and Nifty Media shedded the most, losing more than 4 percent each.
In Nifty stocks, NESTLEINDIA and BAJAJAUTO closed with marginal gain while BAJAJFINSRV, BAJFINANCE and TATAMOTORS were the prime laggards. INDIA VIX jumped 14.25 percent intraday and settled at 22.37 indicating volatility is going to drive the market in coming days. Technically, Nifty has formed a bearish candle after the gap down on the daily chart.
Nifty has closed much underneath 21 DMA indicates bears are holding the grip. Indicators such as RSI and MACD indicate weakness in daily charts too. Nifty still remains on the edge of 15671 levels acting as important support since 8th March. OI Data suggests, on the call side, the highest OI in Nifty observed at 16000 followed by 16200 strike price while on the put side, the highest OI remained at 15500 strike price.
The Nifty may find support around 15600 followed by 15500 levels while on the upside 16000 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32400 levels while resistance is placed at 34500 levels. This volatility can provide traders with enough opportunities to make money in the near term on both buy and sell sides. All eyes are now on Indias retail inflation data due later in the day.
Overall big move either side on the card.
Om Mehra
Research Associates
Choice Broking
Source: Choice India
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