: Share Market Closing Bell: Sensex sinks 710 pts from day’s high, ends 311 pts lower; Nifty below 17,550 #IndiaNEWS #Business On a monthly expiry day, the Nifty opened on a green note and made an

Share Market Closing Bell: Sensex sinks 710 pts from day’s high, ends 311 pts lower; Nifty below 17,550 #IndiaNEWS #Business
On a monthly expiry day, the Nifty opened on a green note and made an intraday high at 17726.50 level but in the dying hour of the session witnessed profit booking from a higher level and closed at 17522.45 level with a loss of 82.50 points. While Bank nifty closed the session at 38950.75 with a loss of 87.75 points. PUT Call Ratio (PCR) of 1st Sept expiry stood at 0.76 suggesting bears have taken charge.

32 Stocks out of Nifty 50 closed in Red suggesting broad-based selling. On the sectoral front, Realty, and PSU Bank are up 1-3 percent, while selling was seen in the IT stocks. India VIX closed at 19.14 up by 6.19%. In Nifty Stocks , SHREECEM, DIVISLAB, EICHERMOT & HDFCLIFE were the top gainers, While ADANIPORTS, BAJFINANCE, POWERGRID & INFY were the prime laggards. On rollover data front, COLPAL, MUTHOOTFIN, BALKRISIND & LICHSFIN were highest rollover scripts.
On the technical front, the Nifty has faced resistance from the 17700 zone and showed supply which led to a bearish candle on the daily time frame suggesting weakness in the counter. Furthermore, Nifty has given a breakdown of the rising trend line which adds weakness to the price.
On the Nifty OI Data, On the call side, the highest was witnessed at 17700 level while on the put side was at 17400 level followed by 17200. The momentum indicator stochastic was traded with a negative crossover on an Hourly time frame which suggests weakness in the counter. The support for nifty has shifted around 17300 levels while on the upside 17750 may act as an immediate hurdle. On the other hand, Bank nifty has support at 38500 levels while resistance at 39500 levels.
Overall, Sector specific momentum can be seen as the PSU Bank & Reality stocks are looking good for the upcoming session.
After Today silent n sudden selling,if market not recovered tomorrow,it may fall furter in coming tomesr.keep strict stop loss, specially on long positions.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

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