The Indian benchmark indices ended on a flat note after yet another volatile session on November 23, with the 30-pack Sensex finishing at 66,017.81, down 5.43 points, or 0.01 percent, and the broad-based Nifty falling 9.80 points, or 0.05 percent, to 19,802.
Amid mixed global cues, the market opened marginally higher, with Nifty crossing 19,850 in the initial hours but erased all the gains as the day progressed to remain range-bound.
Stocks and Sectors
Hero MotoCorp, Bajaj Auto, BPCL, Eicher Motors and IndusInd Bank were among the top Nifty gainers, while losers were Cipla, UltraTech Cement, LTIMindtree, SBI Life Insurance and Larsen & Toubro.
A mixed trend was seen on the sectoral front. The healthcare index closed a percent down and the information technology index 0.5 percent. Realty and oil & gas added a percent each and the auto index 0.4 percent.
The BSE midcap index and smallcap index closed higher.
A long build-up was seen in HPCL, Hero MotoCorp and Aditya Birla Fashion & Retail, while a short build-up was seen in Cipla, Dr Lal PathLabs and Info Edge India.
Among individual stocks, a volume spike of more than 500 percent was seen in Delta Corp, Chambal Fertilisers and Chemicals and Navin Fluorine International.
More than 250 stocks touched 52-week high on the BSE, including PCBL, Praj Industries, Sunteck Realty, Hero MotoCorp, Bajaj Auto, Hitachi Energy, BPCL, TVS Motor Company, Varun Beverages, Balrampur Chini. Click here for the full list
Outlook for November 24
Aditya Gaggar Director of Progressive Shares:
Indian markets started the weekly expiry on a firm note at its stiff hurdle of 19,840 but then pressure in the Pharma and IT counters dragged the Index lower and witnessed a range-bound activity for the rest of the day.
With a minuscule loss of 9.85 points, Nifty50 settled at 19,802.00. Among the sectors, Realty sector gained over 1% while from the Energy space, OMC's stocks demonstrated signs of strength.
The Auto sector remained in a range but 2-wheeler stocks were seen strengthening their uptrend.
In today's trade, the Index tried to violate 19,840, but failed to do so. To start a fresh round of rally, a compelling close above the mentioned level is a must. The positive side is that the support levels are shifted upwards and forming an Ascending Triangle Formation on an hourly chart. Currently, the immediate support is placed at 19,740.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened on a positive note however it could not build upon it and witnessed selling pressure at higher levels. It closed the day on a negative note down ~10 points. On the daily charts we can observe that Nifty made an attempt to break above 19850 however today it was unable to do so. The structure is still positive and unless it does not breach below 19700 we can expect the Nifty to target 19930 from a short-term perspective.
Daily momentum indicator has a positive crossover which is a buy signal and hence intraday dips should be bought into. In terms of levels 19850 – 19875 is the immediate hurdle while 19720 – 19700 is the crucial support zone from a short-term perspective.
Bank Nifty after witnessing around 1200 points correction has found support around 43200 which coincides with the 200-dma and has started the pullback of the fall. We expect it to continue till 44000 – 44200. On the downside 43300 is the crucial support that should not be breached for the pullback to continue.
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