: Share Market Closing Bell: Nifty ends above 15,600, Sensex jumps 934 pts #IndiaNEWS #Business On the back of global market & SGX, Nifty 50 continued upward momentum for a second straight session

Share Market Closing Bell: Nifty ends above 15,600, Sensex jumps 934 pts #IndiaNEWS #Business
On the back of global market & SGX, Nifty 50 continued upward momentum for a second straight session as low-level buying pushed benchmark indices higher. Index opened on a positive note and maintained the momentum as it closed the session at 15638.80 level with a gain of 288.65 points. While Bank Nifty closed the session at 33191.75 level with a gain of 506.95 points.

Out of Nifty 50, 49 stocks ended in green suggesting fair broad based buying. India Vix is settled at 21.14 down by 5.67 %. On the sectoral front, all the index ended in Green, NIFTY Media, IT & Metal were the top gainers. Stocks like TITAN, HINDALCO, JSWSTEEL & COALINDIA were the top gainers, While APOLLOHOSP was the only loser.
The Nifty has reversed from the support zone and formed a bullish candle on a daily frame which indicates strength for upcoming sessions. Furthermore, Nifty has faced resistance 9-DMA, crossing above the same can show more upside rally. Nifty has given closing above 21- Hourly Moving Average which indicates if sustain above the same,it can show more upside momentum.
However, the momentum indicators Stochastic is trading with a positive crossover on a daily chart and bounced from oversold zone which suggest bullishness in trend.The Nifty may find Strong support around 15350 levels, while on the upside 15760 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32600 levels while resistance at 34000 levels.
Overall Market is looking bullish for the upcoming session with the support of 15350.Buy in dips is good strategy now.
Palak Kothari
Research Associate
Choice Broking
Source: Choice India

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