: Share Market Closing Bell: Sensex pares early losses, ekes out 16-pt gain; Nifty at 15,850 #IndiaNEWS #Business Nifty opened on a negative note due to Global market, rise in Crude prices & Rupee

Share Market Closing Bell: Sensex pares early losses, ekes out 16-pt gain; Nifty at 15,850 #IndiaNEWS #Business
Nifty opened on a negative note due to Global market, rise in Crude prices & Rupee is weakening against US dollar as it made an intraday low at 15710.20 level but showed bounce back moment as it managed to close at 15850.20 level with a gain of 18.15 points.

However, Bank nifty closed the session at 33642.45 level with a loss of 168.80 points. 32 Out of Nifty 50 ended in green which suggest broad based buying. On the sectoral front, Nifty Metal and Energy indices up 1.67% & 0.99% respectively while Banking and Financial Services ended in red.
Stocks ONGC, HINDALCO, M&M, COALINDIA & RELIANCE were the top gainers, While TITAN, ASIANPAINT, BAJAJFINSV & DIVISLAB were the prima laggards. India VIX closed at 21.45 level with a gain of 2.09%. On Technical Front, The Nifty has taken support from Suppert Trend i.e 15700 level and managed to give closing above 38.2% Retracement Level on an hourly chart which suggest strength for an upcoming session.
Nifty has given closing above 9*21 HMA which adds strength in prices. On the Nifty OI Data, On the call side the highest witnessed at 16000 level while on the put side was at 15500 level followed by 15800 levels. The momentum indicators Stochastic & MACD are trading with a positive crossover on a daily chart which suggest northward journey in the counter.
The Nifty may find support around 15600 levels while on the upside 16000 may act as an immediate hurdle crossing above the same can show upside rally. On the other hand, Bank nifty has support at 32600 levels while resistance at 34300 levels.
Overall, Stock specific momentum has been observed, crossing above 16000 can show more upside rally.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

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