: Share Market Closing Bell: Sensex close at 54,303, Nifty ends at 16,202 #IndiaNEWS #Business Nifty opened over 1% lower tracking a fall in global equities as investors remain concerned about the global

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Share Market Closing Bell: Sensex close at 54,303, Nifty ends at 16,202 #IndiaNEWS #Business
Nifty opened over 1% lower tracking a fall in global equities as investors remain concerned about the global economy while awaiting key data on US retail inflation. After a gap down opening, the Nifty continued to trade lower and made an intraday low at 16172.60 & closed at 16201.80 level with a loss of 276.30 points.
 

However, Bank nifty closed the session at 34483.80 level with a loss of 601.65 points.38 Out of Nifty 50 ended in Red which suggest broad based selling. All the sectors closed in Red, while Nifty IT, Financial Services & Banking down by 1.5%-2% each. Stocks like, ASIANPAINT, TATACONSUM, APOLLOHOSP & GRASIM were the top gainers, While HINDALCO, BAJFINANCE, KOTAK BANK & HDFC were the prima laggards. On the Technical Front, The Nifty has formed Bearish candle on a weekly chart which suggests downside movement in the counter. Nifty has given closing below 21 DMA and breached its previous support level at 16240 which adds weakness.
The momentum indicators Stochastic was trading with a negative crossover on a daily chart which suggested a southward journey . Nifty has been trading with the resistance of the super trend indicator which is a sign of weakness for the upcoming session. FII has been a net seller and sold almost 14810 CR till month which is a negative sign. On the OI Data front, Highest Call side OI is at 16500 level while Highest Put side is at 16000 levels. The Nifty may find support around 16000 levels while on the upside 16500 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 34000 levels while resistance at 35500 levels.
Overall, Nifty is looking weak on charts, Facing selling pressure from higher side. Investor advice to trade on stock specific.keep close watch on Global market n SGX for Monday trading.
Palak Kothari
Research Associates
Choice Broking
Source: Choice India
The post Share Market Closing Bell: Sensex close at 54,303, Nifty ends at 16,202 appeared first on Bhaskar Live English News.

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