: Stock Market Closing Bell: Nifty ends below 17,200, Sensex falls 714 pts #IndiaNEWS #Business After a two days of rally, the benchmark index corrected again on the last trading day of the week. The

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Stock Market Closing Bell: Nifty ends below 17,200, Sensex falls 714 pts #IndiaNEWS #Business
After a two days of rally, the benchmark index corrected again on the last trading day of the week. The nifty index has slipped 1.27% to close at 17171.95 levels while Banknifty ended at 2.10% to settle at 36044.75 levels. All the sectoral indices closed in red wherein Nifty METAL, PHARMA & REALTY were the top laggards.

Stocks like AADANIPORTS, M&M BHARTIAIRTEL were the top gainers while HINDALCO, HUL, CIPLA & SBI were the prime laggards. On the derivatives front, the highest call OI is at 18000 strike price followed by 17400 strike prices while on the put side, highest OI is at 17000 strike price followed by 17200 strike prices. Technically, after forming the evening star on the weekly chart, index has formed a Doji candlestick which shows indecisiveness among the trades.
Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. On the daily chart, it has failed to close above 17200 level, indicating traders will opt to sell on rise. Immediate support of 17000 has already been violated, so next strong support would be on 16800 followed by 16600. In addition, indicators as MACD and RSI show negative crossover further indicating weakness in price action for the coming day.
Sumeet Bagadia
Executive Director
Choice Broking
Source: Choice India
 
The post Stock Market Closing Bell: Nifty ends below 17,200, Sensex falls 714 pts appeared first on Bhaskar Live English News.

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