: Share Market Closing Bell: Indices snap four day losing streak, Sensex surge 428 points Nifty settles at 16,478 #IndiaNEWS #Business On a weekly expiry day, Nifty finally managed to close on green

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Share Market Closing Bell: Indices snap four day losing streak, Sensex surge 428 points Nifty settles at 16,478 #IndiaNEWS #Business
On a weekly expiry day, Nifty finally managed to close on green note after 4 days losing streak. Nifty opened on a negative note but showed a bounce back moment as it managed to close at 16478.10 level with a gain of 121.85 points.

However, Bank Nifty closed the session at 35085.45 level with a gain of 139.30 points. 37 Out of Nifty 50 ended in green which suggest broad based buying. All the sector managed to close in Green, Except Metal & Commodities while Pharma & Energy inched up more than 1% each. In Nifty Stock DRREDDY, RELIANCE, BPCL, EICHERMOT & SBILIFE were the top gainers, While TATASTEEL, SHREECEM, TATAMOTORS & GRASIM were the prima laggards. India VIX closed below 20 at 19.14 level with a loss of 3.53 %. On the Technical Front, The Nifty has formed a BULLISH Marabozu candle with the support of 21 DMA which suggest upside movement in the counter.
Nifty has taken a support from rising trendline but didn’t manage to cross its previous day’s high i.e., 16514.40, crossing above the same can show more upside movement. Nifty has given closing above 100*200-Hourly Moving Averages with a positive crossover which indicates sustain above the same can show upside moment in the Nifty.
The momentum indicators Stochastic & MACD were trading with a positive crossover on a daily chart which suggest a northward journey . The Nifty may find support around 16240 levels while on the upside 16600 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 34500 levels while resistance at 35800 levels.
Overall, Nifty is looking bullish for the next trading session with the support of 16240 levels, it can show 16600-16680 levels.
Overall buying can be done with strict stop loss
Palak Kothari
Research Associates
Choice Broking
Source: Choice India
The post Share Market Closing Bell: Indices snap four day losing streak, Sensex surge 428 points Nifty settles at 16,478 appeared first on Bhaskar Live English News.

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