: Share Market Closing Bell: Nifty ends below 17,600, Sensex falls 770 pts #IndiaNEWS #Business The Indian market started September on a weak note, plunging significantly followed by the global equities

Share Market Closing Bell: Nifty ends below 17,600, Sensex falls 770 pts #IndiaNEWS #Business
The Indian market started September on a weak note, plunging significantly followed by the global equities market. Nervousness prevails among investors as sharp hikes in interest rates by major central banks. Sensex settled at 58766.59losing 770 points or 1.29 percent and Nifty ended at 17542.80 slipping 216points or 1.22 percent.

While Bank nifty closed the session at 39301.30levels after losing 235 points or 0.60 percent. Among sectors, Nifty Realty, PSU Bank and Nifty Auto ended in green while Nifty Energy, IT and Nifty Pharma closed on the lower side.
In Nifty stocks, TATACONSUM, BAJAJFINSV and ASIANPAINT were the top gainers while HINDALCO, RELIANCE and ONGC were the prime laggards. Technically Nifty has formed inside candle in the daily chart. The overall structure shows that the index is likely to consolidate in coming days. Fibonacci retrenchment has support at 17320, and would be acting as an important support.
The Nifty has slipped from the upper Bollinger band to middle Bollinger band in daily charts as well. OI Data indicates, on the call side the highest OI witnessed at 17800 followed by 17700 strike prices while on the put side, the highest OI was at 17300 followed by 17200 strike price. On the other hand, Bank nifty has support at 38500 levels while resistance at40000 levels. Increasing exposure in small cap and mid cap would be advisable for coming days.
Om Mehra
Technical Associate
Choice Broking
Source: Choice India

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