: Share Market Closing Bell: Nifty end flat at 17,956, Sensex gains 38 points #IndiaNEWS #Business It was volatile weekly expiry as Nifty opened at 17898.65 level and made an intraday low at 17852.05

Share Market Closing Bell: Nifty end flat at 17,956, Sensex gains 38 points #IndiaNEWS #Business
It was volatile weekly expiry as Nifty opened at 17898.65 level and made an intraday low at 17852.05 level but showed recovery in the last hour of trading as managed to close at 17956.50 with a gain of 12.25 points. While Bank nifty closed the session at 39656.15 with a gain of 194.45 points.

Nifty PCR (Put Call ratio) of August month is at 1.22 suggesting the bulls are active. On the sectoral front, Nifty Metal, banking & FMCG were up by 0.5-1% while Nifty Auto, Media, and Information Technology indices ended in the red.
India VIX closed at 17.17 down by 2.88%. Stocks like KOTAKBANK, LT, TATACONSUM & INDUSINDBNK were the top gainers, While DEREDDY, UPL, WIPRO, BPCL & INFY were the prime laggards. On the technical front, the Nifty has formed a bullish candle on a daily time frame and tested the previous day’s high which suggests strength in the counter. Nifty has been trading above 21*50-DMA as well as above the Ichimoku cloud which adds strength to the upside.
However, nifty is facing resistance from the phycological level i.e., 18000 marks closing above the same can show further upside rally. On the OI Data, On the call side, the highest was witnessed at 18200 followed by 18100 while on the put side was at 17800 level. The momentum indicators MACD was trading with a positive crossover on a daily time frame which suggests strength in the counter.
The support for nifty has shifted around 17800 levels while on the upside 18100 may act as an immediate hurdle. On the other hand, Bank nifty has support at 39000 levels while resistance at 40000 levels.
Overall, the index is looking strong crossing above 18000 marks will add more strength to the counter and head towards 18200 levels.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

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