: Share Market Closing Bell: Nifty ends above 17,600, Sensex rises 515 pts #IndiaNEWS #Business Nifty 50 opened higher on Weekly Expire Day i.e.  August 11 after a softer than expected US inflation

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Share Market Closing Bell: Nifty ends above 17,600, Sensex rises 515 pts #IndiaNEWS #Business
Nifty 50 opened higher on Weekly Expire Day i.e.  August 11 after a softer than expected US inflation data hinted at less aggressive rate hikes by the US Federal reserve. Investors will also keep a close eye on Indias consumer price inflation data for July, which will be released on Friday. After relentless selling for nine consecutive months, foreign investors have turned net buyers and invested nearly 9503.1 CR in cash.

Nifty made an intraday high at 17719.30 level but showed profit booking from higher level & managed to close the session at 17659 with a gain of 124.25 points. While Bank nifty closed the session at 38879.85 with the gain of 592 points. On sectoral front Nifty bank, capital goods, Information Technology, PSU Bank and realty was up by 1-2 percent while selling was observed in Nifty FMCG, Media & Auto .32 stocks out of NIFTY 50, ended in green suggest broad based buying.
In Nifty Stocks AXISBANK, HDFC, INDUSINDBNK, TECHM & WIPRO were the top gainers, While TATACONSUM, APOLLOHOSPITAL, ITC were the price laggards. On the technical front, Nifty has faced resistance from falling trendline i.e., 17720 level which suggest small correction can come in upcoming session. Nifty has been trading above 200-DMA as well as with the support of 61.8% Fibonacci retracement I.e., 17360 of its previous down moves from 18630 to 15160 which indicate strength for upside.
On the Nifty OI Data, On the call side the highest witnessed at 17700 level followed by 17800 while on the put side was at 17500 level. The momentum indicators MACD was trading with a positive crossover on a daily time frame which suggest strength in the counter. The support for nifty has shifted around 17350 levels while on the upside 17800 may act as an immediate hurdle. On the other hand, Bank nifty has support at 38300 levels while resistance at 39500 levels.
Overall, the bullish momentum is intact as nifty hold 17350 levels, stock specific action can be seen as Nifty IT & Pharma stocks looking attractive for upside movement.
Today high opening used to book profit by traders.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

Intraday stocks under 50 NSE India Twitter of India

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