: Share Market Closing Bell: Sensex slides 861 pts, Nifty holds 17,300 pts #IndiaNEWS #Business The Indian market plummeted after the US Federal Reserve indicated high interest rates will continue for

Share Market Closing Bell: Sensex slides 861 pts, Nifty holds 17,300 pts #IndiaNEWS #Business
The Indian market plummeted after the US Federal Reserve indicated high interest rates will continue for some time to curb inflation. Sensex settled at 57972.62 losing 861 points or 1.46 percent and Nifty ended at 17312.90 slipping 246 points or 1.40 percent. While Bank Nifty closed the session at 38276.70 levels after losing 710 points or 1.82 percent.

Asian market also ended the session on a bearish note. NSE Midcap and NSE Small cap continued to be on the weaker side as indexes declined 0.81 and 0.96 percent respectively. The rupee depreciated to an all-time low of 80.13 against the US dollar in early trade on Monday as well. As interest rate hikes are likely to remain in coming months as well, a sinking rupee. INDIA VIX jumped 8.78 percent intraday and settled at 19.82 indicating volatility is going to persist in coming days.
Maximum sectors ended on the negative side however Nifty IT, Media, and PSU Bank dragged the Index on the lower side. In Nifty stocks BRITANNIA, MARUTI and NESTLEIND were the top gainers while TECHM, INFY and WIPRO were the prime laggards. Technically, Nifty has closed on lower with huge gap down and this has changed that structure to a lower low and lower high. On the downside, 17200 is a good support level which might hold the current downtrend for a while on account of an immediate recovery.
Nifty OI Data indicates, on the call side the highest OI witnessed at 17700 followed by 17500 strike prices while on the put side, the highest OI was at 17200 followed by 17000 strike price. On the other hand, Bank Nifty has support at 37400 levels while resistance at 39000 for the next day. Short-term consolidations would make a larger uptrend healthier and should not be construed as negative, rather use dips as an incremental buying opportunity in quality stocks.
Despite extremly weak US and other overseas market,Indian market has shown some recovery from lower levels.If market gives positive closing tomorrow ,then again a smart rally is possible in coming days.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

Latest stock market news Twitter alternate of India

10% popularity Flash it Bury this