: Share Market Closing Bell: Market slips for 4th session in row; Sensex down 152 points, Nifty below 15700 #IndiaNEWS #Business The Indian stock market remained subdued on Wednesday and ended in red

Share Market Closing Bell: Market slips for 4th session in row; Sensex down 152 points, Nifty below 15700 #IndiaNEWS #Business
The Indian stock market remained subdued on Wednesday and ended in red as last hour profit booking dragged Nifty into lower side ahead of Fed decision on interest rates and weekly expiry. Nifty settled at 15692.15 losing 40 points or 0.25 percent whereas Bank Nifty ended at 33339 levels, with marginal gain of 0.08 percent. NSE Midcap and Small cap closed on the positive side gaining near to half of percent each.

Among sectors, Nifty Auto, Healthcare and Pharma ended in green while Nifty CPSE, PSE and Nifty Energy were down by more than a percent each. In Nifty stocks, BAJAJFINSV, TATAMOTORS and BAJFINANCE were the top gainers while ONGC, NTPC and INFY were the prime laggards. INDIA VIX has gained 1.19 percent intraday and settled at 22.15.
Technically, the index has formed a bearish candlestick pattern on the daily chart and also triggered yesterdays low as well, indicating further weakness in the near term. In hourly chart, Fibonacci extension has minor support around 15620 levels, if violated further selloff is expected. Indicators such as RSI and MACD still persist near the oversold zone. OI Data suggests , on the call side, the highest OI observed at 16000 followed by 16100 strike price while on the put side, the highest OI remained at 15500 strike price.
The Nifty may find support around 15500 levels while on the upside 15900 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32500 levels while resistance at 34200 levels. Overall, working with option strategy would be suggested to counter volatility.
Effect of US fed decision on Bank rates is important event due n how market takes it
Om Mehra
Research Associates
Choice Broking
Source: Choice India

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