After a two-day fall the equity indices ended higher on November 21, erasing most of the last two-session losses amid buying seen across the sectors barring capital goods, and oil and gas stocks.
At close, the Sensex was up 275.62 points or 0.42 percent at 65,930.77, and the Nifty was up 89.40 points or 0.45 percent at 19,783.40.
Market opened higher with Nifty above 19,750 amid positive global cues and extended the gains as the day progress, helping Nifty to cross 19,800 and Sensex 66,000, intraday.
Stocks and Sectors
Biggest gainers on the Nifty included SBI Life Insurance, HDFC Life, Adani Enterprises, Hindalco Industries and JSW Steel, while losers were Coal India, ONGC, BPCL, Tech Mahindra and LTIMindtree.
Among sectors, pharma, realty, and metal up 1 percent each, while oil & gas and capital goods down 0.5 percent each.
BSE Midcap and Smallcap indices ended marginally higher.
A long build-up was seen in Max Financial Services, Oberoi Realty and Aurobindo Pharma, while a short build-up was seen in Coal India, ONGC and Vodafone Idea.
Among individual stocks, a volume spike of more than 200 percent was seen in Max Financial Services, Havells India and Petronet LNG.
New India Assurance Company , KNR Construction, KEI Industries, PCBL, Prism Johnson, Oberoi Realty, Narayana Hrudayalaya, Latent View, BASF and Gujarat Pipavav were among more than 350 stocks, which touched there 52-week high on the BSE. Click here for the full list
Outlook for November 22
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened at a gap up today and consolidated for most part of the day and closed up ~89 points. On the daily charts we can observe that since last four trading sessions, the Nifty is trading within the range 19875 – 19627. On the downside the Nifty is trading above the zone of 19650 – 19600 where multiple support parameters in the form of the 40-hour moving average and the lower end of the rising channel is placed. Thus, in case of a dip this zone should act as a support, and we expect the Nifty to hold on to this zone and head higher over the next few trading sessions.
The hourly momentum indicator has a positive crossover, however, the Nifty is not breaching the range and once it does that, we can expect it to gain momentum. Until then, the range bound price action is likely to continue. In terms of levels, 19610 – 19650 is the crucial support zone while 19900 – 19930 is the immediate resistance zone.
Bank Nifty also consolidated and closed with a gain of 110 points. Intraday witnessed a dip however, it was bought indicating buying interest at lower levels. We expect the pullback to continue till 44000 – 44050 from short term perspective. Structure becomes weak below 43400.
Aditya Gaggar Director of Progressive Shares:
The markets started the session on a firm note and as the day progressed, the Index kept compounding its gains under the leadership of the Metal and select heavyweights to settle at 19,783.40 with gains of 89.40 points. Apart from the Metal, the Realty segment extended its up move by ending the session at a fresh 52-week high while the PSU Banking ended in red.
The tech sector witnessed routine profit booking activity. The Pharma sector advanced further as the majority of its components ended the day at fresh highs. Near its critical resistance level of 19,840, the index has formed a Shooting Star kind of candlestick pattern which generally indicates a reversal of the trend.
On the higher side, 19,840 will remain a strong hurdle while the support level has been shifted to 19,700.
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