: Share Market Closing Bell: Sensex ends 550pts lower, Nifty below 16,450 #IndiaNEWS #Business Today on Tuesday Nifty continued downside moment for third day.After gap down opening, index traded lower

Share Market Closing Bell: Sensex ends 550pts lower, Nifty below 16,450 #IndiaNEWS #Business
Today on Tuesday Nifty continued downside moment for third day.After gap down opening, index traded lower & made an intraday low at 16347.35 level & closed the session at 16416.35 level with a loss of 153.20 points, Bank Nifty closed the session at 34996 level with a loss of 314.20 points. 38 Out of Nifty 50 ended in red which suggest broad based selling.

Among the sectors, FMCG, IT and Realty ended down by more than 1 percent each while buying was seen in the Auto & Energy Sector. Despite the fall, Stocks like COALINDIA, MARUTI, ONGC, NTPC & BHARTIARTL were the top gainers, While TITAN, UPL, DRREDDY & BRITANNIA were the prima laggards. On Technical Front, The Nifty has formed Bearish candle & given closing below horizontal support line on daily time frame which suggest downside movement in the counter. From the last three trading sessions, Nifty has been trading with a higher low & lower low formation which points out weakness in the trend.
Nifty has given closing below 200-Hourly Moving Average which indicates sustain below the same can show downside moment in Nifty .The momentum indicators Stochastic was trading with a negative crossover as well as reversed from the overbought zone on a daily chart which suggest a southward journey .The Nifty may find support around 16300 levels, breaching below the same can show 16200-16100 levels while on the upside 16500 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 34500 levels while resistance at 35500 levels.
Overall, Nifty is showing weakness on a chart, breaching below 16350 level can create more panic and index can test 16100 -16200 level.
Tomorrow is RBI credit policy,can impact market.
Trade with strict stop loss.
Palak Kothari
Research Associates
Choice Broking.
Source: Choice India

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