: Share Market Closing Bell: Sensex ends 465 pts higher and Nifty reclaims 17,500; #IndiaNEWS #Business The Indian Stock market sustained its upbeat mood in line with neutral global cues. However, the

Share Market Closing Bell: Sensex ends 465 pts higher and Nifty reclaims 17,500; #IndiaNEWS #Business
The Indian Stock market sustained its upbeat mood in line with neutral global cues. However, the market oscillated in a broad range. Sensex ended marginally lower with 0.0.6 percent and closed at 58817.29 and Nifty inched up 0.06 percent intraday and closed at 17534.75 levels while Banknifty gained by 0.13 percent and settled at 382287.85 levels.

India VIX keeps accelerating from the last few days and hovering near 20 now, volatility should dominate the rest of the week. On the sectoral front, Nifty Metal and Healthcare and Nifty Infra ended on the positive side while Nifty IT, Realty and Media ended on the lower side.
In Nifty stocks, HINDALCO, COALINDIA and UPL were the top gainers while BAJFINANCE, ONGC and HCLTECH were the prime laggards. Technically, Nifty has formed a Doji candlestick on the daily timeframe that suggests indecisiveness among the bulls and bears. However, the Nifty has closed above the previous closing and has an edge that any dip could be a buying opportunity for the short term. Bollinger band indicates 17670 would remain astrong resistance in coming days while 17340 could offer support.
On the derivatives front, the highest call OI is at 17800 strike price followed by 17700 strike prices while on the put side, highest OI is at 17400 followed by 17300 strike price. On the other hand, Bank nifty has support at 37650 levels while resistance at 38900 levels. For the short term, Mid cap stocks are still persisting with decent returns.
Market is set for fresh breakout or breakdown on next few days.Some profit can be booked in decent run stock.
Fresh investment is advisable in value stocks.
Om Mehra
Technical Associate
Choice Broking
Souce: Choice India

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