: Share Market Closing Bell: Nifty ends above 17,300, Sensex reclaims 58,000 pts #IndiaNEWS #Business The Indian market kicked off August trading on a positive note, after witnessing July one of the

Share Market Closing Bell: Nifty ends above 17,300, Sensex reclaims 58,000 pts #IndiaNEWS #Business
The Indian market kicked off August trading on a positive note, after witnessing July one of the best months for bulls in this year. Sensex gained 0.95 percent and closed at 58115.50 and Nifty inched up 1.06 percent intraday and closed at 17340.05 levels while Banknifty geared up gain to 1.10 percent and settled at 37903.20 levels.

The big positive for the Indian market is the FPIs turning buyers in July after 9 months of relentless selling. Strong traction pushed the stock above all its major exponential moving averages on the daily chart as well. On the sectoral front, Nifty Auto, Media and Nifty CPSE have contributed nearly 2-3 percent each on a closing basis.
On the flip side Nifty Pharma closes with marginal loss of 0.08 percent. In Nifty stocks, TATAMOTORS, M&M and ADANIPORTS were the top gainers while SUNPHARMA, HDFCLIFE and HINDUNILVR were the prime laggards. However, India VIX zoomed 5.68 percent to breach 17 levels again. The trend may still remain bullish for the short term but simultaneously profit booking from higher levels is expected as well.
Technically, Sustaining above 17200 levels on Nifty could result in acceleration of the uptrend, while 17020 needs to be protected on the downside. On the other hand, Bank nifty has support at 37400 levels while resistance at 38500 levels. 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 17200 followed by 17000 strike price. Increasing positions in small caps and focusing on technology companies in the space would be advisable for coming weeks.
Om Mehra
Technical Associate
Choice Broking
Souce: Choice India

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