Share Market LIVE: Sensex, Nifty cut losses amid volatile trade, support in 16800-16694 zone

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices entered Monday’s trading session in a volatile fashion as both Sensex and Nifty danced between gains and losses.

Star Health’s IPO will open on November 30 as the company, backed by big bull Rakesh Jhunjhunwala seeks to raise up to Rs 7,249 crore from the public issue.

On the upside, the resistance is at 17500 and unless we do not get past that on a closing basis, any up move can be strategically used to go short on the markets,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

“On the technical front, the key resistance levels for Nifty 50 are 17259 followed by 17429 and on the downside 16889 followed by 16752 can act as strong support.

Commodity prices traded lower with most of the commodities in the non-agro segment witnessed selling last week with crude oil falling the most.

Overall trend in Nifty remains weak and no new long positions should be initiated till we see a strong closing above 17800.” Mr. Gaurav Udani, CEO & Founder, ThincRedBlu Securities,” Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Bears continued to tighten its grip for the second straight week with a clear intense of selling at every higher tick in all the sectoral indices except nifty pharma.

The downside breakout of the crucial supports and the overall negative chart pattern as per daily and weekly timeframe indicate resumption of a sharp downward trend in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Nifty has corrected nearly 9% from the top so far and the indications are pointing towards further slide to 16,700 zone as per the target of 2-month long distribution pattern.

The three-day initial share-sale of Star Health will open on November 30 and conclude on December 2, while that of Tega Industries will be open for public subscription during December 1-3.

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