in

Taking Stock: Bears tighten the grip; Nifty ends below 17,900, Sensex falls 433 pts

Stock market remained under pressure for the third subsequent session on November 11 dragging benchmark indices unelevated the psychological levels.

At close, the Sensex was lanugo 433.13 points or 0.72 percent at 59,919.69, and the Nifty settled 143.60 points or 0.80 percent lower at 17,873.60.

Amid weak global cues, the market once then opened on a negative note and extended the fall but managed to pare the intraday losses. However, both headline indices, Sensex and Nifty sealed unelevated their crucial levels of 60,000 and 17,900, respectively.

“Global inflationary pressure pursuit upsetting US inflation data forced the domestic market to trade with deep cuts. Beating the market estimates, US inflation hit a 30-year upper level of 6.2 percent YoY subtracting fears of an older than expected rate hike, while US yoke yields shot higher,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Rising inflationary pressure withal with prospects of an early rate hike can pension the domestic market on whet as such indicators tempt foreign investors to pump out liquidity from emerging markets like India,” Nair added.

The BSE midcap and smallcap indices fell 0.5 percent each.

IOC, Tech Mahindra, SBI, ONGC and SBI Life Insurance were among the major Nifty losers, while Titan Company, Hindalco Industries JSW Steel, M&M and Reliance Industries emerged as top gainers.

Among sectors, Nifty Bank, Pharma, Auto and PSU Wall indices fell over 1 percent each, while some ownership was seen in metal names.

Stocks and sectors

On the BSE, the bank, healthcare and realty indices slipped 1-2 percent; however, power and metal indices ended in the green.

Among individual stocks, a volume spike of increasingly than 200 percent was seen in the Navin Fluorine International, Hindustan Aeronautics and Page Industries.

Long buildup was seen in Navin Fluorine International, Whirlpool India and Page Industries, while short buildup was seen in Laurus Lab, Balkrishna Industries and Bosch.

More than 200 stocks, including Voltamp Transformers, Tata Elxsi, Macrotech Developers, and Indowind Energy, hit 52-week upper on the BSE.

Technical View

The Nifty worked a surly candle on daily scale and has been forming lower highs – lower lows from the last two sessions.

The tabulate has to navigate and hold whilom 17,950 levels for an up move towards 18,100-18,150 zones. While on the downside, tabulate has a major support at 17,777 and 17,600 levels, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.

Outlook for November 12

Manish Hathiramani, proprietary tabulate trader and technical analyst, Deen Dayal Investments:

The Nifty respected the 17,800 support and ended the session whilom it. We are currently virtually the lower end of the range which is 17,700. The upper end is 18,100.

We need to see if we either unravel 17,700 or tropical whilom 18,100. One of the two will indulge the tabulate to unravel out or unravel lanugo from this range-bound movement. Until then it is weightier to sit on the sidelines and wait for a directional move.

Rohit Singre, Senior Technical Reviewer at LKP Securities:

The tabulate showed selling pressure for the third subsequent session and sealed a day at 17,874 with a loss of nearly one percent. It has shown some pullback without hitting a good demand zone of 17,800 in last hour which hints 17,800 will be first good support for the coming session, followed by 17,700 zone.

That apart, any dip near the said levels will be a ownership opportunity on the positional understructure with a stop out level unelevated 17,600 zone.

The firsthand hurdle is coming near 17,940-18,050 zone and whilom the said levels, one can expect a fresh breakouts.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:

The level of 17,800 indeed make-believe as a crucial support and will protract to provide support going ahead.

As long as the tabulate trades whilom 17,800, it can once then take a leap towards 18,000-18,100. The daily orchestration shows that the Nifty is witnessing oscillations between the key daily moving averages & the short term consolidation is expected to protract further.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to trammels with certified experts surpassing taking any investment decisions.

Cost vs. Value: Best ROI Home Improvements in Austin

The stock market frenzy feels like 1999 dot-com bubble, global investor Barry Sternlicht warns