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Taking Stock: Sensex up 478 points, Nifty above 18,000; IT, metal, PSU banks gain

The market ended higher on the second trading day of Samvat 2078, with both the Sensex and the Nifty latter higher despite mixed global cues on November 8.

After a positive start, the market gave up gains and remained volatile but regained momentum in the afternoon session to end near the day’s upper tween ownership in the PSU banks, IT, power, metal and oil & gas stocks.

At close, the Sensex was up 477.99 points, or 0.80 percent, at 60,545.61 and the Nifty was up 151.70 points, or 0.85 percent, at 18,068.50.

“In a volatile session of trade, the bulls emerged strong with several stocks wideness cement, consumer durables and PSU names witnessing good ownership interest from investors,” said S Ranganathan, Head of Research at LKP Securities.

The broader markets recovered strongly in the afternoon trade with IT stocks, exchanges, gold loan companies seeing accumulation.

Both the midcap and smallcap indices saw hectic activity, with several stocks indicating moves of a good festival season, he added.

The BSE midcap tabulate rose 1.2 percent and smallcap tabulate widow 0.78 percent.

IOC, Titan Company, Bajaj Finserv, UltraTech Glue and Tech Mahindra were among the major Nifty gainers. Losers included IndusInd Bank, Divis Labs, M&M, SBI and Maruti Suzuki.

On the sectoral front, selling was seen in Nifty pharma and financial names, while energy, infra, IT, metal and PSU wall indices rose 1-2 percent.

Stocks and sectors

On the BSE except healthcare and bank, all other sectoral indices ended in the untried with wanted goods, IT, metal, power, oil & gas and realty indices up 1-2 percent.

Among individual stocks, a volume spike of increasingly than 5,000 percent was seen in IndusInd Bank, Ipca Laboratories and Torrent Pharma.

Long buildup was seen in Whirlpool India, JK Glue and Birlasoft, while short buildup was seen in IndusInd Bank, Atul and Divis Laboratories.

More than 250 stocks, including Union Wall of India, Phoenix Mills, L&T and HDFC, hit a 52-week upper on the BSE.

Technical View

The Nifty has worked a bullish hammer candle on the daily scale with long lower shadow.

The Nifty has to hold whilom 18,000 for an upmove towards 18,150 and 18,350, while on the downside, the tabulate has major support at 17,850 and 17,777, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.

Outlook for November 9

Shrikant Chouhan, Head, Equity Research (Retail), Kotak Securities

The key snooping is that the Nifty is still trading unelevated 20-day SMA or unelevated 18,100. We are of the view that 18,100 would be the next intraday breakout level for the day traders and whilom the same the uptrend momentum will protract up to 18,150-18,200.

On the flip side, strong support is seen near 17,900 and if it slips it, the uptrend would be vulnerable.

Ajit Mishra, VP-Research, Religare Broking

The recent buoyancy in the global markets has relieved the participants tween mixed domestic cues, however, it’s too early to undeniability it a trend reversal.

As the festival season is overdue us, the focus will shift when to earnings announcements. Besides, domestic macro data outcome (IIP & CPI) and global cues will be closely tracked.

The Nifty should make a decisive move whilom 18,100 to resume the trend else consolidation or profit-taking would resume.

We recommend standing with a stock-specific trading tideway and focusing on the themes and sectors that are seeing noticeable ownership interest.

Palak Kothari, Research Associate, Choice Broking

On the technical front, the tabulate has worked a hammer candlestick on the daily time frame indicating a remoter uptrend.

The stochastic indicator is seeing a positive crossover, suggesting a northward journey.

The tabulate has moreover settled whilom the 21-day moving average, subtracting remoter bullish momentum to the counter. The tabulate has a support at 17,750 and resistance at 18,200.

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.

 

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