: Share Market Closing Bell: Sensex loses over 600 pts and Nifty slips below 16,600 #IndiaNEWS #Business Nifty opened on sharply higher tracking relief rally in US market and positive Asian markets

Share Market Closing Bell: Sensex loses over 600 pts and Nifty slips below 16,600 #IndiaNEWS #Business
Nifty opened on sharply higher tracking relief rally in US market and positive Asian markets and made an intraday high at 16793.85 levels but wiped-out early gains and closed at 16584.30 levels with a loss of 43.70 points.

However, Bank Nifty closed the session at 35275.05 level with a loss of 338.60 points. On the sectoral front, Except IT all the index ended in Red, Nifty Auto was the prime laggard. In Nifty Stock RELIANCE, LT, INFY, SUNPHARMA were the top gainers, While GRASIM, ULTRACEMCO, SHREECEM & MARUTI were top losers.
The Nifty has formed an Open Bearish Marubozu kind of candlestick pattern on daily time frame which indicates weakness for upcoming sessions. Furthermore, the index has faced resistance from rising trendline which points weakness. Moreover, the Nifty has given a breakout of 16700 levels but bears took a charge in the second half as the index closed on a red note. Nifty has given closing below 89- Four Hourly Moving Average which indicates sustaining below the same can show downside moment .
However, the momentum indicators Stochastic was trading with a negative crossover on an hourly chart which suggest downside journey in Nifty. The Nifty may find Strong support around 16400 levels, while on the upside 16800 may act as an immediate hurdle. On the other hand, Bank
Nifty has support at 34800 levels while resistance at 36000 levels.
Overall, Market can show some downside movement till 16400 levels.
Palak Kothari
Research Associates
Choice Broking
Source: Choice India

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