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Dec 03, 2019 04:06 PM IST | Source: Moneycontrol.com

Closing Bell: Nifty ends below 12,000, Sensex down 127 pts; metals, banks top drags

Nifty Metal, PSU Bank and Media indices shed over 2 percent each. Bajaj Auto, Bajaj Finserv and TCS ended as the top gainers while YES Bank, Bharti Infratel and Tata Steel closed as the top losers in the Nifty index.

  • December 03, 2019 04:54 PM IST

    Expert view: The market remained lackluster on Tuesday, on the back of weakness in the global markets and neutral to negative domestic flows.  On the back of global worries, metal stocks closed sharply lower and financial services remained depressed due to uncertainties over the Karvy case. 

    However, in the second half of the trading session, the market recovered from the lows of 11,960 and closed around 12,000. 

    Technically, it seems that the market is going to consolidate ahead of the announcement of credit policy which is due on December 5. Nifty should remain in the range of 11,900 and 12,150 and our strategy should be to buy on dips.

    -Shrikant Chouhan, Senior Vice-President - Equity Technical Research, Kotak Securities.  

  • December 03, 2019 04:48 PM IST

    Expert view: Nifty closed the day lower and a reasonable negative candle was formed with minor lower shadow. This candle pattern is placed at the edge of the immediate support of 12,000 (as per the concept of change in polarity). The upside recovery attempt from near the support was not convincing today.

    The short term trend of Nifty remains negative. A sustainable move below 12,000 could open up more weakness and the index is expected to slide down to the next crucial support at 11,850-800 levels in the near-term.

    -Nagaraj Shetti, Technical Research Analyst, HDFC securities.

  • December 03, 2019 04:44 PM IST

    Expert view: Nifty witnessed selling since the start of the day and closed at 11,994 with a loss of 54 points, forming a bearish candle on the daily chart. If the index manages to sustain above 12,000-mark, we may see the pullback to continue towards immediate hurdle of 12,100-12,150. Support for Nifty is near 11,950-11,900. Nifty Bank closed the day at 31,613 with a loss of nearly 1 percent. Support for Nifty Bank is near 31,450-31,300 and resistance is near 31,750-31,900.

    -Rohit Singre, Senior Technical Analyst at LKP securities.

  • December 03, 2019 04:21 PM IST

    Expert view: Market turned cautious due to global issues like import tariffs by the US on Argentina & Brazil and likely retaliation by China over the support by the US in Hong Kong which could impact the progressing trade deal. A slide in telecom stocks after a recent spike and risk of a further downgrade in FY20 GDP estimate due to overshooting inflation and weak demand could be the risk to be mitigated by RBI in the policy meet this week.

    --Vinod Nair, Head of Research, Geojit Financial Services.

  • December 03, 2019 04:18 PM IST

    Expert view: Nifty had been trading sideways for the last few sessions. In terms of the price patterns, the sideways action turned out to be a small head & shoulder on the hourly chart and the distribution pattern broke out on the downside today. Thus, the index seems to be in for a minor degree correction. 

    The broader end of the market is crumbling too, adding to the downward pressure. For the Nifty, retest of the pattern neckline, however, is possible before the index tumbles further. 

    The neckline, which is near 12,025, can attract a fresh round of selling. So, sell on rise would be the recommended strategy with a time frame of 2-3 sessions. On the downside, the junction of the 40-DEMA and the daily lower Bollinger Band i.e. 11,820 - 11,800 will be the key area to watch out for.

    --Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.

  • December 03, 2019 04:00 PM IST

    Expert view: Investor sentiment, in the near-term, is likely to be muted given the weak macro data. Further, RBI monetary policy on December 5 will be crucial as at least 25 bps rate cut is expected. The central bank is likely to place economic growth at the forefront despite higher inflation. On the global front, the recent tariffs by the US on steel imports from Brazil and Argentina may make investors jittery over global trade concerns. We suggest buying on dips amid market volatility.

    -Ajit Mishra, VP - Research, Religare Broking.

  • December 03, 2019 03:40 PM IST
  • December 03, 2019 03:36 PM IST

    Market at close: Nifty metal along with the PSU bank index shed over 2 percent each. Bajaj Auto, TCS and Kotak Mahindra Bank were the top gainers while YES Bank, Tata Steel, Tata Motors DVR and Vedanta were the top drags.

    YES Bank, Indiabulls Housing Finance, Bharti Airtel and TCS were the most active stocks. About 851 shares have advanced, 1592 shares declined, and 198 shares are unchanged.

  • December 03, 2019 03:31 PM IST
  • December 03, 2019 03:17 PM IST

    Stocks filtered by P/E: This is an abbreviation of a stock's price-to-earnings ratio. The price-to-earnings ratio is a stock's share price divided by earnings per share for the company's most recent four quarters. A projected P/E divides the share price by estimated earnings per share for the coming four quarters.  

    The following stocks are believed to be undervalued as their respective Individual P/E is below their Sector P/E. 

    For more information, check Stock Screener

      Stocks filtered by P/E:  This is an abbreviation of a stock's price-to-earnings ratio. The price-to-earnings ratio is a stock's share price divided by earnings per share for the company's most recent four quarters. A projected P/E divides the share price by estimated earnings per share for the coming four quarters.   

 The following stocks are believed to be undervalued as their respective Individual P/E is below their Sector P/E.  

 For more information, check    Stock Screener
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