Mumbai:  On back of weak global clues and rising covid cases, the Index had a gap down opening and showed weakness throughout the session as it made intraday low at 16888.70 level and closed the session at 16953.95 level with a loss of 218 points. However, Bank nifty showed more strength compared to Nifty 50 throughout the day and closed the session at 36082.35 level with a moderate gain of 37.60 points. 45 out of Nifty 50 stocks ended in Red which suggest broad
based Selling. All the sectoral indices ended in the red Except Nifty Bank while capital goods, FMCG, healthcare, IT, power, metal, oil & gas, realty down 1-4 percent. VIX is also closed at 21.26 with a gain of 15.86%.  Stocks like BAJAJ-AUTO, ICICIBANK, HDFCBANK, MARUTI & BHARTIAIRTL were the top gainers while COALINDIA, BPCL, TATASTEEL, SBILIFE were the prime laggards. Technically, on an hourly chart, The Index has been trading near the support zone and given closing below 17000 marks suggest bears are taking charge. Furthermore, on a daily chart, the index has taken support from lower Bollinger band and 50%
RL of previous up move, which indicates pullback can be seen in the counter. The index has given closing below 200-Daily Simple Moving Averages indicates weakness in the counter. However, the momentum indicators STOCHASTIC & MACD are trading with negative crossover on a daily Charts which indicates downside movement can be seen. The Nifty may find support around 16800 levels, while on the upside 17240 may act as an immediate hurdle for the index. On the other hand, Bank nifty has support at 35500 levels while resistance at 37000 levels.