: Share Market Closing Bell: Sensex ends 54 pts higher and Nifty up by 27 pts #IndiaNEWS #Business The Indian stock market continued to be a volatile session as bulls and bears tend to give up their

Share Market Closing Bell: Sensex ends 54 pts higher and Nifty up by 27 pts #IndiaNEWS #Business
The Indian stock market continued to be a volatile session as bulls and bears tend to give up their way. Markets factored in an aggressive rate hike and moved forward nevertheless the market may remain volatile amid tomorrows monthly expiry.
Sensex gained 0.10 percent and closed at 59085.43 and Nifty inched up 0.16 percent intraday and closed at 17604.95 levels while Banknifty boosted 0.88 percent and settled at 39038.50 levels. NSE Midcap and Smallcap convincingly inched up by 0.74 and 0.82 percent respectively.

Among sectors, Nifty Realty, and Metal ended in green while Nifty IT and Nifty Pharma were marginally lower. In Nifty stocks APOLLOHOSP, INDUSINDBK and ONGC were the top gainers while BPCL, TATASTEEL and DIVISLAB were the prime laggards.
Technically, Nifty has formed a Bullish Candle on a daily chart which indicates a continuation of the uptrend. Nevertheless profit booking from higher levels is expected as well. Technically,Nifty Sustaining above 17700 levels on Nifty could result in acceleration of the uptrend, while 17460 needs to be protected on the downside.
Nifty OI Data indicates, on the call side the highest OI is witnessed at 17800 strike price while on the put side, the highest OI was at 17500 followed by 17400 strike price. On the other hand, Bank Nifty has support at 38500 levels while resistance at 39600 levels. The coming sessions are likely to stay highly stock specific in performance. A cautiously positive approach is advised for the expiry day.
Despite recent bull run, bulls are not ready to give up but keep strict stop loss in trades n investments.
Om Mehra
Technical Associate
Choice Broking
Source: Choice India

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