: Share Market Closing Bell: Nifty ends around 17,550, Sensex gains 257 pts #IndiaNEWS #Business After a two-day losing streak,Nifty finally managed to close on a green note at 17577.50 level with a

Share Market Closing Bell: Nifty ends around 17,550, Sensex gains 257 pts #IndiaNEWS #Business
After a two-day losing streak,Nifty finally managed to close on a green note at 17577.50 level with a gain of 86.80 points. While Bank Nifty closed the session at 38697.65 with a gain of 399.90 points. 42 Stocks out of Nifty 50 closed in green suggesting broad-based buying.

On the sectoral front, Buying was seen in the auto, bank, capital, metal, pharma, oil & gas, and realty names. However, IT and power stocks remain under pressure. India VIX closed at 19.05 up by 0.05%.
In Nifty Stocks ,M&M, BAJAJFINSRV, EICHERMOT & HINDALCO were the top gainers, While INFY, TCS, HCLTECH, HINDUNILVR & ADANIPORTS were the prime laggards. On the technical front, the Nifty has formed a bullish candle on a daily time frame which suggests strength in the counter. Nifty has taken support from 21-DMA as well as supper trend which adds strength to the upside.
On the Nifty OI Data, On the call side, the highest OI was witnessed at 17800 followed by 17900 while on the put side was at 17400 level. The momentum indicator Stochastic was bounced from the oversold zone and traded with a positive crossover on an Hourly time frame which suggests strength in the counter.
The support for Nifty has shifted around 17300 levels while on the upside 17700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 38000 levels while resistance at 39300 levels.
Overall, the buying has been seen from the lower level, value Stocks can be added in every dip, and closing above 17700 can add more strength in the market.
Market resumed again its upward journy,if global clues dont turn negative,higher level will be achived in coming times.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

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