: Sensex Today Updates: Nifty ends below 17,000, Sensex down 700 pts #IndiaNEWS #Business The benchmark Indices started on a positive side after yesterday’s severe sell off. Throughout the day Index

Sensex Today Updates: Nifty ends below 17,000, Sensex down 700 pts #IndiaNEWS #Business
The benchmark Indices started on a positive side after yesterday’s severe sell off. Throughout the day Index remained intact with minor gain as heavy weight Reliance supported the most. But last hours brutal sell off shaded the entire gain. Importantly, 16900 support levels have also been breached. Additionally, US rising inflation heat can also be felt.

The nifty managed to settle at 16958.65 losing 215 points while Bank nifty ended at 36341.60 with the loss of 387.40 points.
On the sectoral front, only Nifty Oil and Gas gained 0.75% while all other indices are on the losing side. Stock like RELIANCE, COALINDIA, IOC, ICICIBANK and BPCL were in the gaining list while HDFC, HDFCLIFE, SBILIFE, HDFCBANK, and TATACONSUM were the top laggards.
On the technical front, the Shooting Star Pattern is observed on the weekly chart, suggesting Index to be on the weaker side. On the daily chart, Nifty ended the session below 200 days Simple Moving Averages indicating the same can show more downside movement. An indicator RSI and MACD suggesting negative crossover on the daily chart as well. According to Fibonacci retrenchment, the next immediate support is placed at 16600 level. India VIX ended at 19.78 with a rise of 2.38%. At present, the index is having support at 16600 levels while resistance is placed at 17300 levels. On the other hand, Bank nifty has support at 35500 followed by 35000 levels while resistance at 37200 levels.
Sumeet Bagadia
Executive Director
Choice Broking
Source: Choice India
The post Sensex Today Updates: Nifty ends below 17,000, Sensex down 700 pts appeared first on Bhaskar Live English News.

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