: Share Market Closing Bell: Nifty ends above 17,100, Sensex gains 712 pts #IndiaNEWS #Business On the last day of July month, Nifty finally closed the session above the physiological level of 17000

Share Market Closing Bell: Nifty ends above 17,100, Sensex gains 712 pts #IndiaNEWS #Business
On the last day of July month, Nifty finally closed the session above the physiological level of 17000 after a 11 week of volatile movement at 17158.25 level with a gain of 228.65 points.

However, Bank Nifty closed the session at 37491.40 level with a gain of 113.10 points. 39 stocks out of NIFTY 50, ended in green suggest broad based buying. Put-Call Ratio (PCR) also stood at 1.28 which suggests bulls are taking charge. All the sectoral indices closed on green note, Metal index raised up by 3.86 percent, while Auto, IT and Oil & Gas indices up 1 percent each.
In Nifty Stocks SBILIFE, TATASTEEL, SUNPHARMA & HINDALCO were the top gainers, While DRREDDY, KOTAKBANK, SBIN & DIVISLAB were the main laggards. On the technical front, Nifty has formed a Bullish candle on a weekly chart which suggests an upside rally for an upcoming session. Nifty finally given Closing above 200-DMAi.e 17025 levels which suggests a northward journey in the counter.
On the Nifty OI Data, On the call side the highest witnessed at 17500 level while on the put side was at 16900 level & followed by 16800. The momentum indicators MACD & Stochastic were trading with a positive crossover on a daily time frame which suggest strength in the counter. The support for Nifty has shifted around 17000 levels while on the upside 17320 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 36800 levels while resistance at 37800 levels.
Overall, the Nifty has inched up by almost 2.5% this week if it managed to hold 17000 level then it can show more upside rally till 17320,17500.
Good quality mid n small cap stocks are now great buy.
A catch up rally can be start now.

Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

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