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Last Updated : Oct 20, 2020 05:02 PM IST | Source: Moneycontrol.com

Taking Stock: Indices rise for 3rd straight session; Nifty fails to hold 11,900

The top gainers on the Nifty include HCL Technologies, Tech Mahindra, Asian Paints and HDFC Bank. The losers pack includes names like Britannia, ONGC, GAIL and IOC.

The Nifty failed to hold above 11,900 on profit booking seen in the last hour of trade amid mixed global markets.

The Sensex added 112 points to 40,544.37 and the Nifty closed with gains of 23.80 points at 11,896.80.

"Markets traded rangebound and ended marginally higher amid weak global cues. The benchmark opened in the red, but buying in the select index majors, especially from IT and banking majors, pared the losses in no time. It hovered remained rangebound thereafter. Movement on the stock-specific front kept participants busy,” said Ajit Mishra, VP - Research, Religare Broking, told Moneycontrol.


“Markets are closely following global cues and indications are still mixed from that front. Despite the positive bias, we might continue to see volatile swings so traders should prefer hedged positions and maintain their focus on the selection of stocks,” he said.

Sectorally, the action was seen in IT, realty, pharma and auto space while profit taking was seen in energy, PSU bank, and FMCG stocks.

The broader markets – the S&P BSE Midcap index was up 0.47 percent while the S&P BSE Smallcap index gained 0.30 percent – outperforming benchmark indices.

The top gainers on the Nifty include HCL Technologies, Tech Mahindra, Asian Paints and HDFC Bank. The losers pack includes names like Britannia Industries, Oil and Natural Gas Corporation (ONGC), GAIL India and Indian Oil Corporation (IOC).

Also Read - Gainers & Losers: 10 stocks that moved the most on October 20

Stocks & sectors:

Sectorally, the action was seen in the BSE Realty, which was up over 3 percent, followed by the BSE IT, up 1.3 percent.

Selling pressure was seen in BSE Oil & Gas index, which slipped 1.3 percent, followed by BSE Power index, which was down 0.96 percent, and the BSE FMCG index fell 0.4 percent.

Volume spike of more than 100 percent was seen in Adani Enterprises, Hindustan Unilever and Britannia Industries.

Long build-up was seen in stocks like Asian Paints, Adani Enterprises and Dabur.

Short build-up was seen in stocks like Britannia, Bata India and Colgate Palmolive.

More than 100 stocks on the BSE hit a fresh 52-week high that includes names like ACC, Ambuja Cement and Asian Paints.

Technical view:

Nifty formed a small bodied bullish candle on daily scale and remained consolidative with a hurdle at higher zones and finally closed the day near to 11,900 levels.

Overall price and data setup suggests bounce may be seen, but multiple hurdles and supply pressures at higher zones could restrict its upside momentum.

“Now it has to hold above 11,800-11,820 zones to witness an up move towards 12,000 and 12,100 zones while on the downside support exists at 11,750 then 11,666 levels,” Chandan Taparia, Motilal Oswal Financial Services told Moneycontrol.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Oct 20, 2020 04:57 pm