: Share Market Closing Bell: Nifty ends around 17,400, Sensex up 214 pts #IndiaNEWS #Business The Indian stock market ended on a positive side with last hours affirmative move. Amidst US-China tension,

Share Market Closing Bell: Nifty ends around 17,400, Sensex up 214 pts #IndiaNEWS #Business
The Indian stock market ended on a positive side with last hours affirmative move. Amidst US-China tension, Nifty is in reluctant to go down. Market may remain volatile in the near to medium term with the upcoming rate hike by the central bank.

Sensex gained 0.37 percent and closed at 58350.53 and Nifty inched up 0.25 percent intraday and closed at 17388.15 levels while Bank Nifty slipped 0.09 percent and settled at 37989.25 levels. NSE Midcap and NSE Small cap witnessed some profit booking as both indexes slides 0.70 and 0.51 percent respectively. Among sectors, Nifty IT and Nifty Oil and Gas ended in green while Nifty Auto, Realty and Pharma were down near to a percent.
In Nifty stocks, TECHM, INFY and TITAN were the top gainers while SUNPHARMA, KOTAKBANK and TATAMOTORS were the prime laggards. Technically Nifty has formed a bullish candle in the daily chart, as Index managed to hold 17300, an important psychological level.Nifty OI Data indicates, on the call side the highest OI witnessed at 17500 followed by 17600 strike prices while on the put side, the highest OI was at 17000 strike price.
The overall structure shows that the index is likely to witness consolidation in the range of 17100-17450 in the coming sessions. Once it sustained 17520 we can expect a rally till 17750 levels. The indicators such as MACD & RSI were trading with a positive crossover on a daily time frame which suggests strength in the counter.
Bank Nifty has support at 37400 levels while resistance at 38400 levels. Index might face high volatility on weekly expiry day. Riding against the trend may not be beneficial for short term traders.
Market is showing amazing strenght and any dips is getting bought.
Buy in dips is advisable.
Om Mehra
Technical Associate
Choice Broking
Souce: Choice India

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