: Share Market Closing Bell: Sensex ends 0.39 percent lower at 54,892.49, Nifty at 16,356.25 #IndiaNEWS #Business The Indian market drifted on the lower side for the fourth day in a row. Today the RBI

Share Market Closing Bell: Sensex ends 0.39 percent lower at 54,892.49, Nifty at 16,356.25 #IndiaNEWS #Business
The Indian market drifted on the lower side for the fourth day in a row. Today the RBI increased the repo rate by 50 basis to 4.90 percent to deal with rising inflation and crude prices. Nifty settled at 16356.25 losing 60 points or 0.37 percent while Bank nifty settled at 34946.15 level, down by 0.14 percent. NSE Midcap and Small cap ended on the lower side losing half percent each.

Sectorally , Nifty Realty and Media have contributed 1.49 and 1.49 percent on a positive side . On the flip side Nifty FMCG, Oil and Gas ended with losses of a percent each. In Nifty stocks, SBIN, TATASTEEL and DRREDDY were the top gainers while BHARTIARTL, ITC and RELIANCE were the prime laggards. INDIA VIX has cooled off marginally and closed below 20 levels suggesting slowdown in volatility. INDIA VIX has slides 2.89 percent intraday and settled at 19.84. Technically, Nifty has formed a bearish candlestick on the daily timeframe.
Bulls remain in trap from past few days as Index failed to close in green at least two continuous days. From the hourly chart, Nifty 16500 levels have turned into resistance from the support suggesting further weakness amid weekly expiry. However view negated closing and sustaining above 16550 levels. Indicators such as ATR and ADX remained on the weaker side on the daily chart as well. Advance Decline Ratio remained at 0.73 percent indicating slight dimness too. The Nifty may find support around 16100 followed by 16000 levels, on the upside 16550 may act as an immediate hurdle.
On the other hand, Bank Nifty has support at 34200 levels while resistance at 35700 levels. Overall, Nifty is showing weakness on a chart, Investors and traders are advised to work with option strategies to neutralize the volatility amid weekly expiry.
Overall buy on dips for a short term bounce can be good strategy.
Om Mehra
Research Associates
Choice Broking
Source: Choice India

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