Nifty ends lower after coming within touching distance of record high

By Koustav Das: Benchmark stock market index NSE Nifty 50 made repeated attempts to touch an all-time high, but fell at the end of Thursday’s trading session.

The S&P BSE Sensex ended 284.26 points lower at 63,238.89, while the NSE Nifty 50 settled 89.60 points lower at 18,771.25. The broader market indices also crumbled under selling pressure as volatility spiked.

While Sensex managed to touch a fresh all-time high in early trade, the Nifty failed to achieve the feat despite coming within touching distance.

Deven Mehata, research analyst at Choice, said, “Following today’s flat opening, the Nifty moved lower for the day. Every bounce on the higher side was sold off on the day of the weekly expiry.”

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“Today, the Nifty failed by 1.90 points to establish a new all-time high above 18887.60. For investors, the market is still buying on dips with a strict stop loss of 18550, and if the Nifty closes below the indicated level, we can expect more downward pressure,” he added.

Among sectoral indices, Nifty Metal and Nifty Media ended in green, while Nifty PSU Bank, Nifty IT and Nifty IT ended on the lower side. Divi’s Laboratories, L&T and HDFC were the top gainers, while Tata Steel, Bajaj Finance and Tata Motors were the biggest losers.

On the technical side, Mehata said, “Volume profile indicates the Index has a strong support around 18700-18650 zone.”

“Coming to the OI Data, on the call side, the highest OI observed at 18,800 followed by 18,900 strike prices while on the put side, the highest OI is at 18,800 strike price. On the other hand, Bank nifty has support at 43,350-43,500 while resistance is placed at 44,150 levels,” he added.

Also Read | Sensex hits all-time high, Nifty registers record close

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