: Share Market Closing Bell: Nifty ends below 17,500, Sensex falls 872 pts #IndiaNEWS #Business Bears retained their dominance at Dalal Street for consecutive days tracking weakness in global markets

Share Market Closing Bell: Nifty ends below 17,500, Sensex falls 872 pts #IndiaNEWS #Business
Bears retained their dominance at Dalal Street for consecutive days tracking weakness in global markets and concerns about the resilience of the world economy. Sensex settled at 58773.87 losing 872 points or 1.46 percent and Nifty ended at 17490.70 slipping 267 points or 1.51 percent. While Bank nifty closed the session at 38297.75 levels after losing 688 points or 1.77 percent. Rupee slide and made a low of 79.92 as well.

All sectors ended in red, as maximum losses were contributed by Nifty Metal , Realty and PSU Bank by 2-3 percent each and not even a single sector ended with gain. In Nifty, 45 stocks ended on the negative side.
INDIA VIX has jumped 4.10 percent intraday and settled at 19.04. TATACONSUM, ITC and COALINDIA were the top gainers while TATASTEEL, TATAMOTORS and ADANIPORTS were the prime laggards. Technically Nifty has formed a bearish candle in the daily chart. As it closed below 17500, an important psychological level, the overall structure shows that the index is likely to witness more sell off in coming days.
Fibonacci retrenchment has support at 17330, and would be acting as an important support for the next trading day. The Nifty has slipped from the middle Bollinger band to lower Bollinger band in daily charts as well. OI Data indicates, on the call side the highest OI witnessed at 17600 followed by 17800 strike prices while on the put side, the highest OI was at 17300 followed by 17000 strike price.
On the other hand, Bank nifty has support at 37500 levels while resistance at 3900 levels. We advise traders to wait for a retracement around the nifty 17150 level before entering the market.
Om Mehra
Technical Associate
Choice Broking
Source: Choice India

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