: Share Market Closing Bell: Sensex rises 89 pts; Nifty below 17,400 pts #IndiaNEWS #Business The Reserve Bank of India (RBI) hiked the key lending rate, the repo rate, by 50 basis points (bps), taking

Share Market Closing Bell: Sensex rises 89 pts; Nifty below 17,400 pts #IndiaNEWS #Business
The Reserve Bank of India (RBI) hiked the key lending rate, the repo rate, by 50 basis points (bps), taking the policy rate back to the late-2019 levels. Nifty opened on green note and traded in range and closed the session at 17397.50 levels with a gain of 15.50 points.

However, Bank nifty closed the session at 37920.60 level with a gain of 165.05 points. 26 stocks out of NIFTY 50, ended in green. India VIX closed at 18.92 down by 1.77%. Among the sectors, power and auto indices shed over a percent each while buying was seen in financial and IT names.
In Nifty Stocks, ULTRACEMCO, SHREECEM, UPL, POWERGRID were the top gainers, While HINDALCO, BRITANNIA, M&M , EICHERMOT & RELIANCE were the price laggards. On the technical front, Nifty has formed Doji Candlestick Pattern which suggest indesion between buyer & seller. Nifty has faced resistance from physiological levels of 17500 as well as falling trendline crossing above is very important for further rally. Nifty has given trading above 200 DMA as well as trading above Supper trend levels suggest strength further upside rally.
On the OI Data, On the call side the highest witnessed at 17600 level while on the put side was at 17000 level. The momentum indicators MACD was trading with a positive crossover on a daily time frame which suggest strength in the Nifty.The support for nifty is around 17100 levels while on the upside 17500 may act as an immediate hurdle. On the other hand, Bank nifty has support at 37500 levels while resistance at 38500 levels.
Overall,the profit booking from higher levels is expected in upcoming sessions crossing above 17500 will attract more buying in stock specific.
Keep eye on China Taiwan geopolitical tension and give weight on buying n selling decisions.
Palak Kothari
Senior Technical Analyst
Choice Broking
Souce: Choice India

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