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Taking Stock: Market ends marginally lower; auto stocks gains, mid, smallcaps outshine

Stock Market Today

Stock Market Today

After two days of gains, the market saw profit-booking on November 9 with both benchmark indices latter with losses on unrewarding global cues.

The Sensex was lanugo 112.16 points, or 0.19 percent, at 60,433.45 and the Nifty ended 24.20 points, or 0.13 percent, lanugo at 18,044.30.

After a quiet start, the market witnessed volatility but narrowed losses in the final hour of trading supported by auto, oil & gas and wanted goods stocks.

“After a positive opening, the domestic market traded lower, as private financial stocks were under pressure pursuit unrewarding global markets,” said Vinod Nair, Head of Research at Geojit Financial Services.

However, auto, public sector banks (PSBs) and consumer durables climbed versus the market trend, with small and mid-cap stocks outperforming.

“Despite the passage of the long-awaited infrastructure bill, the gains in the US market were capped as investors timidly awaited the US inflation data,” he said.

The BSE midcap tabulate was up 0.8 percent and smallcap tabulate rose 0.67 percent.

M&M, Tata Motors, Hero MotoCorp, ONGC and SBI were among the major Nifty gainers. Losers included Britannia Industries, HDFC Bank, Maruti Suzuki, JSW Steel and Power Grid.

Among sectors, the Nifty Wheels tabulate rose a percent, while selling was seen in metal and financial names.

Stocks and sectors

On the BSE, wheels and wanted goods indices widow a percent each, while the metal tabulate slipped nearly a percent.

Among individual stocks, a volume spike of increasingly than 300 percent was seen in TVS Motor, Birlasoft and M&M.

Long buildup was seen in Birlasoft, TVS Motor and M&M, while short buildup was seen in Britannia Industries, SBI Cards and Shriram Transport Finance Corporation.

More than 200 stocks, including Sintex Industries, IOC, Ashok Leyland and Sobha, hit a 52-week upper on the BSE.

Technical View

The Nifty worked a small-bodied surly candle on the daily scale. It has been forming higher highs from the last two sessions.

The tabulate has to hold whilom 18,000 for an up move towards 18,150 and 18,350 zones. 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 10

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

The Nifty has sealed whilom 18,000, which is a positive sign. However, it is still indecisive and faces resistance at higher levels.

If it can sustain these levels, the tabulate can move higher to 18,400 and then 18,600.

We have good support at 17,600, hence long positions can be piled for higher targets.

Rohit Singre, Senior Technical Analyst, LKP Securities

The 18,000-mark will act as support and if the tabulate manages to hold whilom it, the next move can be expected towards 18,200-18,300.

The overall structure is still positive; buy on the dip.

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

On the downside, 18,000–17,950, as expected, make-believe as a near-term cushion. The key hourly moving averages moreover offered support on the downside. As long as the Nifty trades whilom 18,000–17,950, it can take a leap on the upside.

Structurally, the tabulate is expected to go for deep retracement of the unshortened ripen from 18,604 to 17,613. So, it can march towards the 61.8 percent and 78.6 percent retracement mark, which are at 18,225 and 18,392, respectively.

Rahul Sharma, Co-Founder, Equity99

On November 10, 18,000 will act as crucial support, a unravel of which may see the Nifty slide to 17,875. If 17,875 is moreover broken, the next support is virtually 17,750.

On the upper side, 18,110 will act as crucial resistance for the Nifty, a unravel of which can take the tabulate to 18,175. If the Nifty manages to go past this level as well, then it may go up to 18,250.

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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