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Taking Stock: Market narrows losses but closes in the red again; PSU bank, metal, realty drag

The Indian market ended in red without yet flipside day of volatile trade on November 10, with selling seen in realty, metal and public sector financial names.

At close, the Sensex was lanugo 80.63 points, or 0.13 percent, at 60,352.82, and the Nifty was lanugo 27.10 points, or 0.15 percent, at 18,017.20.

“Broadly, domestic market unfurled to trade negative without a disappointing opening as inflation worries unauthentic the global markets,” said Vinod Nair, Head of Research at Geojit Financial Services.

China’s CPI rose 1.5 percent year-on-year, while the producer price tabulate rose by 13.5 percent YoY owing to imported inflation and domestic supply shortages, he said.

The market opened on a negative note and extended the fall as the day progressed but pared losses in the afternoon session that helped the Nifty end the day whilom 18,000.

Nair said the market trend was mixed on stock to stock basis.

“Globally investors are pensile the release of the US inflation data due later today, which is expected to protract at peak levels,” he added.

The BSE midcap tabulate shed 0.5 percent and smallcap tabulate ended on unappetizing note.

IndusInd Bank, Hindalco Industries, Tata Steel, Coal India and JSW Steel were among the major Nifty losers, while gainers were UPL, Bharti Airtel, M&M, Britannia Industries and Sun Pharma.

Among sectors, Nifty Metal and PSU Bank indices fell 1-2 percent, while ownership was seen in auto, energy, infra and pharma names.

Stocks and sectors

On the BSE, the metal tabulate shed 2 percent and the realty tabulate fell 1.6 percent. Wheels and oil & gas indices widow 0.5 percent each.

Among individual stocks, a volume spike of increasingly than 400 percent was seen in the Multi-Commodity Exchange of India, APL Apollo Tubes and Strides Pharma Science.

Long buildup was seen in GSPL, Berger Paints and PFC, while short buildup was seen in BHEL, Strides Pharma Science and Bosch.

More than 200 stocks, including ACC, BEML, HPCL and  Jamna Wheels Industries, hit a 52-week upper on the BSE.

Technical View

The Nifty worked a small-bodied bullish candle on the daily scale and sealed with losses of virtually 27 points.

The tabulate has to hold whilom 18,000 for a move towards 18,150 and 18,350. 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 11

Palak Kothari, Research Associate, Choice Broking

Technically, the Nifty has just settled whilom the Pivot Point, indicating a bounce-back movement in the counter.

The Swing Tabulate and the momentum indicator have come out of negative zones on the four-hourly time frame, indicating an uptrend.

The stochastic indicator witnessed a positive crossover. The tabulate has support at 17,850 and resistance at 18,130.

Sahaj Agrawal, Head of Research-Derivatives, Kotak Securities

The Nifty has been in a consolidation phase for the past few trading sessions. The health of the broader market has improved with midcap participation. We expect the uptrend to resume for 18,700-19,000 on the higher side.

Any touching-up dips should be bought into as the trend remains positive. IT, metals, and select FMCG stocks squint attractive.

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

The tabulate was unable to go past 18,100, which is a hair-trigger juncture at this point in time. If the Nifty can pension whilom 18100 for a couple of sessions, it can move to 18,400 and then 18,600.

The level of 17,700-17,800 has emerged as the new support.

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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