: Share Market Closing Bell: Nifty ends above 17,500, Sensex gains 465 pts #IndiaNEWS #Business The Indian Stock.market started on a positive note on Monday despite sluggishness in the global market.

Share Market Closing Bell: Nifty ends above 17,500, Sensex gains 465 pts #IndiaNEWS #Business
The Indian Stock.market started on a positive note on Monday despite sluggishness in the global market. Nifty extended gains from Friday closing after the Reserve Bank of India hiked its key lending rate by 50 basis points. Sensex gained 0.80 percent and closed at 58853.07 and Nifty inched up 0.73 percent intraday and closed at 17525.10 levels while Banknifty geared up gain to 0.84 percent and settled at 38237.40 levels.

Heavy weights Reliance and HDFCBANK contributed the maximum which helped the indices to sustain above 17500 levels. INDIA VIX jumped 2.01 percent intraday and settled at 19.30 indicating volatility is going to persist in coming days. On the sectoral front, Nifty Metal and Auto and Nifty CPSE ended on positive side gaining near to a percent each while Nifty PSU Bank and IT and Pharma ended marginally on lower side.
In nifty stocks ,M&M, COALINDIA, BAJAJFINSV were the top gainers while BPCL, SBIN and ULTRACEMCO were the prime laggards. Technically, Nifty has formed a bullish candlestick on the daily timeframe. Bears remain in trap as 16350 levels are sustained. Also volume profile indicates these levels are strong support for coming days. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected.
Stock specific action would drive the market in coming days too. On the Nifty OI front, the highest call OI is at 17800 strike price followed by 17700 strike prices while on the put side, highest OI is at 17400 strike price.
On the other hand, Bank nifty has support at 37650 levels while resistance at 38900 levels. The coming sessions are likely to stay highly stock specific in performance. A cautiously positive approach is advised for the week.
Om Mehra
Technical Associate
Choice Broking
Souce: Choice India

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