: Share Market Closing Bell: Sensex, Nifty end flat amid high volatility #IndiaNEWS #Business After a positive opening, Nifty made an intraday high at 17643.85 level but didn’t sustain at a higher

Share Market Closing Bell: Sensex, Nifty end flat amid high volatility #IndiaNEWS #Business
After a positive opening, Nifty made an intraday high at 17643.85 level but didn’t sustain at a higher level and closed the session at 17539.45 levels with a moderate loss of 3.35 points at levels. While Bank Nifty closed the session at 39421 with a gain of 119.75 points.

On the 8th Sept, the Put Call Ratio (PCR) stood at 0.81 suggesting bears are taking charge. 34 Stocks out of Nifty 50 closed in Red suggesting broad-based selling. On the sectoral front, the Nifty Fin services, Media & FMCG index was up 0.5-0.3%, while selling is seen in the Energy, PSU bank & Pharma name. India VIX closed at 19.55 down by 1.62%.
In Nifty Stocks ,ITC, HDFC, ADANI PORT, LT & APOLLO HOSP were the top gainers, While BPCL, SHREECEM, HEROMOTOCO & HINDALCO were the prime laggards. On the technical front, the Nifty is trading in a range and formed a good base around 17450 level sustains above the same suggests strength in the counter. Nifty has taken support from 21-HMA as well as the lower band of Bollinger in an hourly chart which suggests strength to the upside.
On the Nifty OI Data, On the call side, the highest was witnessed at 17800 followed by 17700 while on the put side was at 17300 level. The momentum indicator stochastic was bounced from the oversold zone and traded with a positive crossover on a daily time frame which suggests strength in the counter. The support for nifty has shifted around 17450 levels while on the upside 17770 may act as an immediate hurdle.
On the other hand, Bank Nifty has support at 38500 levels while resistance at 40000 levels.
Overall, the sector-specific movement has been observed majorly Media & FMCG stocks are looking bullish for an upcoming session. The investor can add on dips.
Bears are trying hard to take control of market but bulls are not allowing.Due to overeses weakmess,Indian market also slides.
In last few sessions,if market not getting closed big positive on Monday,good profit booking can be seen.
Watch Monday move for fresh trend.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India