: Share Market Closing Bell: Sensex ends flat with marginal gains at 58136, Nifty settles at 17345; #IndiaNEWS #Business It was a volatile session, Nifty today opened on a negative note and made an

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Share Market Closing Bell: Sensex ends flat with marginal gains at 58136, Nifty settles at 17345; #IndiaNEWS #Business
It was a volatile session, Nifty today opened on a negative note and made an intraday in low at 17215.85 level but managed to close at 17345.45 level with a moderate gain of 5.40 points.

However, Bank Nifty closed the session at 38024 level with a gain of 120.80 points. 30 stocks out of NIFTY 50, ended in green suggest broad based buying. Put-Call Ratio (PCR) also stood at 1.41 which suggests bulls are taking charge. Among sectors, realty index down 1 percent, while Power and PSU Bank indices up 1-3 percent. In Nifty Stocks, INDUSINDBK, ASIANPAINT, SBIN , MARUTI  & KOTAKBANK were the top gainers, While UPL,  HEROMOTOCO,SBILIFE, BRITANNIA were the price laggards.
On the technical front, Nifty has formed a doji kind of candle on a daily chart which indicates indecision between buyer & seller. Nifty has faced resistance from horizontal line i. e17410 levels crossing above is very important for further rally. Nifty has tested 61.8% Fibonacci retracement of its previous down move from 18630 to 15160 levels i.e., 17308 as closed above the same adds strength in prices .
On the Nifty OI Data, On the call side the highest witnessed at 17500 level followed by 17600 while on the put side was at 17100 level & followed by 17000. The momentum indicators MACD & Stochastic were trading with a positive crossover on a daily time frame which suggest strength in Nifty.The support for nifty has shifted around 17150 levels while on the upside 17450 may act as an immediate hurdle. On the other hand, Bank nifty has support at 37800 levels while resistance at 38700 levels.
Overall, the bullish momentum is intact as nifty holds 17000 levels, crossing above 17500 can show more upside rally in the counter.
Bargain hunting in good quality mid n small cap stocks can fetch handsome return.
Also accumulate reasonably correct front line stocks.
Palak Kothari
Senior Technical Analyst
Choice Broking
Souce: Choice India

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