: Share Market Closing Bell: Sensex closes 59 pts higher at 58833, Nifty 50 ends at 17558 pts #IndiaNEWS #Business On the last day of the week, Nifty traded in a range and managed to close on a green

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Share Market Closing Bell: Sensex closes 59 pts higher at 58833, Nifty 50 ends at 17558 pts #IndiaNEWS #Business
On the last day of the week, Nifty traded in a range and managed to close on a green note at the 17558.90 level with a gain of 36.45 points. While Bank Nifty closed the session at 38987.15 with a gain of 36.40 points. 37 Stocks out of Nifty 50 closed in green suggesting broad-based buying. PUT Call Ratio (PCR) of 1st Sept expiry stood at 0.72 suggesting bears have taken charge.

On the sectoral front, capital goods, metal, power, and PSU Bank indices are up 1 percent each. While Media, FMCG & pharma were ended in the red. India VIX closed at 18.21, down by 6.92%. In Nifty Stocks, GRASIM, JSWSTEEL, TITAN & NTPC were the top gainers, While EICHERMOT, INDUSINDBK, BHARTIARTL & ASIAN PAINT were the prime laggards.
On the technical front, the Nifty has taken support from the rising trendline on a daily time frame which suggests strength in the counter. Nifty has been trading with the support from 21-DMA as well as the supper trend which adds strength for an upcoming session.
On the Nifty OI Data, On the call side, the highest was witnessed at 17700 followed by 17800 while on the put side was at 17400 level. The momentum indicator stochastic was trading with a negative crossover on an Hourly time frame which suggests weakness in the counter. The support for nifty has shifted around 17470 levels while on the upside 17700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 38200 levels while resistance at 39300 levels.
Overall, the Nifty is trading in range, breaching either side can show direction.
In last two sessions ,jumps are used to sell, Lets wait for a strong observation of such selling and market to closed with handsome gain to get prepared for next smart bull run otherwise big correction is also possible.
Palak Kothari
Senior Technical Analyst
Choice Broking
Source: Choice India

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