: Share Market Closing Bell: Nifty ends below 15,400, Sensex falls 1,045 pts #IndiaNEWS #Business It was one side big fall on a weekly expiry day as Nifty50 made a 52-week low at 15335.10 level. Nifty

Share Market Closing Bell: Nifty ends below 15,400, Sensex falls 1,045 pts #IndiaNEWS #Business
It was one side big fall on a weekly expiry day as Nifty50 made a 52-week low at 15335.10 level. Nifty opened on a positive note but didn’t manage to surpass its previous resistance level and showed straight downside movement and closed the session at 15360.60 level with a loss of 331.55 points. Bank Nifty closed the session at 32617.10 level with a loss of 721.90 points. 48 Out of Nifty 50 shares ended in Red which suggest broad based selling.

All the sectoral indices ended in the red with the Metal index down by 5.41 percent followed by Commodities down by 3.43%. In Nifty Stocks, BRITANNIA, NESTLEIND were the only two gainers, While TATASTEEL, ONGC, TATAMOTORS & HINDALCO were the prima laggards. India VIX closed above 20 at 22.87 level with a gain of 3.25%. On Technical Front, The Nifty has formed Big Bearish Marabozu Candle on a daily chart and given closing below 21 DMA which suggest downside movement in the counter.
Furthermore, Nifty has faced resistance from 15860 levels and shows selling pressure & given breakdown of its horizontal line as it given closing below the same which is a sign of more weakness in the trend. Nifty has given closing below 100 Hourly Moving Average which indicates downside moment in the counter. The momentum indicators Stochastic & MACD were trading with a negative crossover on a daily chart which suggested a southward journey in the counter.
The Nifty may find support around 15240 levels while on the upside 15860 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32300 levels while resistance at 33800 levels.
Overall, the Nifty is looking weak on chart and breaching below 15240 can show 15000 levels.
Palak Kothari
Research Associates
Choice Broking
Source: Choice India

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