: Share Market Closing Bell: Nifty ends above 16,000, Sensex gains 344 pts amid volatility #IndiaNEWS #Business After a four day losing streak, Indian stock has finally managed to close in a green note.Nifty

Share Market Closing Bell: Nifty ends above 16,000, Sensex gains 344 pts amid volatility #IndiaNEWS #Business
After a four day losing streak, Indian stock has finally managed to close in a green note.Nifty opened on a positive note, made an intraday low at 15927.30 level and bounced back and closed the session at 16049.20 level with a gain of 110.55 points.

However, Bank Nifty closed the session at 34682.65 level with a moderate gain of 31.45 points.Indian VIX closed at 17.60 down by 4.03%.On the sectorial front, Nifty Metal and PSU Bank indices down 0.5-1 percent each, while Auto & Fmcg were the top gainers. 34 stocks out of Nifty 50 ended in green, suggesting broad based buying. Among Nifty Stocks TATACONSUM, TATMOTORS, HINDUNILVR & M&M were the top gainer While TATASTEEL, POWERGRID, HCLTECH & WIPRO were the prime laggards.
On the Technical Front, the Nifty has formed a Hammer kind of candlestickwhich is a bullish candle with support of 23.6% Retracement Level i.e., 15878 of its previous downsides move which suggest it can test 38.2% RL in upcoming session. Nifty has taken support from rising trendline as well as 21DMA which suggest northward journey in the counter. On the Nifty OI Data, On the call side the highest witnessed at 16500 level & followed by 16200 while on the put side was at 15900 level followed by 15800.
The momentum indicators Stochastic is trading with a positive crossover on an hourly time frame which suggest strength in the counter. The Nifty may find support around 15900-15800 levels while on the upside 16200 may act as an immediate hurdle.
On the other hand, Bank Nifty has support at 34300 levels while resistance at 35500 levels.Overall, Index has formed good support around 15800 level while crossing above 16200 level can show upside rally.
Strong weekly closing is indicating Bear trap.Buy fundamentally strong stocks.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

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