: Share Market Closing Bell: Sensex extends losing run to 4th day, falls 98 points; Nifty ends below 15,950 #IndiaNEWS #Business The Indian stock market followed a similar move of Wednesday on weekly

Share Market Closing Bell: Sensex extends losing run to 4th day, falls 98 points; Nifty ends below 15,950 #IndiaNEWS #Business
The Indian stock market followed a similar move of Wednesday on weekly Future n option expiry day as Nifty extended its losses after a positive opening. The Nifty could not sustain at higher zones and drifted lower.

US inflation reached a new 40 year high in June of 9.1%. Market breadth has turned negative which indicates that the market is facing pressure at higher zones. The volatility in crude prices, mounting inflation, earnings and growth fears continue to be the key variables impacting the market.
Sensex settled at 53416.15 losing 98 points or 0.18 percent while Nifty slipped 28 points and ended at 15938.65 or 0.18 percent. Bank Nifty ended the session at 34651.20 with loss of 176 points or 0.51 percent. On the sectoral front, Nifty Oil and Gas Nifty Pharma, have contributed nearly one percent each on a closing basis. On the flip side, Nifty PSU Bank, IT ended with losses of 2.21 and 1.58 percent respectively.
In Nifty stocks, SUNPHARMA, ONGC and DRREDDY were the top gainers while AXISBANK, HCLTECH and HEROMOTOCO were the prime laggards. In the daily chart, Nifty has ended with a bearish candle. However , from the volume profile 15700 levels would act as strong support in the coming week. From the hourly chart, Nifty 15800 levels have minor support for next trading day. Indicators such as ATR and ADX remained on the weaker side on the daily chart. The Nifty may find support around 15700 levels while on the upside 16150 may act as an immediate hurdle.
On the other hand, Bank nifty has support at 34000 while resistance is placed at 35000 levels. Any rise can be utilised as a selling opportunity while selective blue chip stock may deliver decent return in coming days too.
Om Mehra
Technical Associate
Choice Broking
Source: Choice India

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