: Share Market Closing Bell: Sensex zooms 1,500 pts; Nifty ends above 17,700 pts #IndiaNEWS #Business On the last trading day of August Month, the Nifty showed robust momentum as opened at the 17414.95

Share Market Closing Bell: Sensex zooms 1,500 pts; Nifty ends above 17,700 pts #IndiaNEWS #Business
On the last trading day of August Month, the Nifty showed robust momentum as opened at the 17414.95 level and maintain strength throughout the day as closed at the 17759.30 level with a huge intraday gain of 446.40 points. While Bank Nifty closed the session at 39536.75 with a gain of 1260 points. FII has bought this month almost 17859.8 CR Rs which is a good sign for Indian markets.

50 Stocks out of Nifty 50 closed in green suggesting broad-based buying. Put Call Ratio (PCR) of Sept month Stood at 1.46 which suggest bulls are in the driving seat. On the sectoral front, all indices closed on the green note while Nifty Auto & Reality were top gainers. India VIX closed at 18.70 down by 5.65%. Stocks like BAJAJFINSV TECHM, INDUSINBK, BAJFINANCE & MARUTI were the top gainers.
On the technical front, the Nifty has formed an Open Bullish Marubozu candle on a daily time frame which suggests strength in the counter. Furthermore, Nifty has given a breakout of its previous resistance level i.e., 17730 level, and given closing above same suggests a bull run. Nifty has given closing above 21-DMA which adds strength to the upside.
On theNifty OI Data, On the call side, the highest was witnessed at 18000 followed by 17900 while on the put side was at 17500 level. The momentum indicator stochastic was bounced from the oversold zone and traded and about to give positive crossover on a daily time frame which suggests strength in the counter. The support for Nifty has shifted around 17500 levels while on the upside 17900 may act as an immediate hurdle.
On the other hand, Bank Nifty has support at 38500 levels while resistance at 40000 levels.
Overall, the index is looking strong for the upcoming session crossing above 17900 can show an 18000-18150 level. Investors can take an approach to buy on dips.
Mid n small cap statrted to perfom now,do bargain hunting in these spaces,can fetch very handsome return in fudamenatally good stocks.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

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