: Share Market Closing Bell: Nifty ends below 17,800, Sensex tanks 652 pts #IndiaNEWS #Business On the last day of the week, the Nifty showed profit booking from a higher level after rising for eight

Share Market Closing Bell: Nifty ends below 17,800, Sensex tanks 652 pts #IndiaNEWS #Business
On the last day of the week, the Nifty showed profit booking from a higher level after rising for eight consecutive sessions. Nifty opened on a green note and made a high at 17992.20 level but didn’t manage to sustain at higher level & made an intraday low at 17710.75 level and the close at 17758.45 with a loss of 198.05 points.
While Bank nifty closed the session at 38985.95 with a loss of 670.20 points. Nifty PCR (Put Call ratio) of August month is at 0.71 suggesting the bears have taken charge.

On the sectoral front, all the indices ended in RED except Nifty IT while Nifty Auto, Metal, and Banking were top losers. Stocks like ADANI PORT, LT, INFY & EICHERMOT were the top gainers, While INDUSINDBNK, BAJAJFINSRV, TATACONSUM & APOLLO HOSP were the prime laggards. On the technical front, the Nifty has formed a Bearish engulfing candle on a daily at top of the formation which suggests downside movement in the counter. Nifty has given closing below 21-HMA but taken support from 50 HMA suggest breaching below it can add weakness in the counter.
However, nifty is facing resistance from the phycological level i.e., 18000 and showing profit booking from higher levels. On the OI Data, On the call side, the highest was witnessed at 18000 while on the put side was at 17500 level followed by 17400 level. The momentum indicators MACD & Stochastic were trading with a negative crossover on an hourly time frame which suggests weakness in the counter. The support for nifty has shifted around 17600 levels while on the upside 18000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 38500 levels while resistance at 40000 levels.
Overall, the index has formed a big RED candle which suggests profit booking can continue for upcoming sessions breaching below 17600 level can show more downside till 17300 levels.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

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