After finishing previous three trading session on a positive note, the Indian equity indices ended marginally red in a volatile session on November 7.
At close, the Sensex was down 16.29 points or 0.03 percent at 64,942.40, and the Nifty was down 5.05 points or 0.03 percent at 19,406.70.
Amid mixed global cues, the market started marginally lower and extended the losses in the initial hours but remained range-bound throughout the session. However, final-hour buying helped to trimmed the losses to end on a flat note.
Stocks and Sectors
Hero MotoCorp, Coal India, Bajaj Finance, JSW Steel and Divis Labs were among major losers on the Nifty, while gainers included Sun Pharma, BPCL, NTPC, Axis Bank and Dr Reddy's Labs.
Among sectors, healthcare and oil & gas were up one percent each, while realty was down one percent.
BSE Midcap index rose 0.5 percent and Smallcap index was up 0.4 percent.
A long build-up was seen in Trent, HPCL and Alkem Laboratories, while a short build-up was seen in Metropolis Healthcare, Godrej Properties and Atul.
Among individual stocks, a volume spike of more than 400 percent was seen in Trent, ICICI Prudential Life Insurance Company and Alkem Laboratories.
Trent, Ratnamani Metal, Solar Industries, Varun Beverages, IOC, Tata Elxsi, Kalyan Jeweller, Prism Johnson, Suzlon Energy and Bombay Burmah touched their 52-week high on the BSE. Click here for the full list
Outlook for November 8
Aditya Gaggar Director of Progressive Shares
The rangebound session comes to an end at 19,406.70 with a minuscule loss of 5.05 points. Among the sectors, Pharma was the top performer by ending the day with gains of 1.32% while profit booking pressure dragged the Realty segment lower. Stock-specific action was witnessed in the IT and Metal space. Mid and Smallcaps extended their journey towards the north and outperformed the Frontline Index.
On the daily chart, the Index has made an Inside bar candlestick pattern which generally represents a period of consolidation or indecision in the markets. A convincing close above 19,420 will open the doors for 19,560 while a downside is protected at 19,350. BankNifty has given a compelling close above its critical hurdle of 43,600 as well as its 21DMA which indicates a continuation of the current up move and is likely to soar higher towards 44,000 while a level of 43,300 will act as a strong support.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened on a flat note and witnessed an intraday dip. The dip towards 19330 was bought into and during the second half of the session it witnessed a sharp rebound which helped it to recover, and the Nifty closed marginally in the red down ~5 points. The dip towards the support zone of 19330 – 19300 where the key hourly moving averages were placed was bought into and the hourly momentum indicator has also triggered a positive crossover from the equilibrium line which indicates that it has started a new cycle on the upside. It is still trading around the crucial resistance zone 19450 – 19500 and a decisive close above it shall lead to a further rally upwards till 19690. On the downside, 19300 – 19270 shall act as a crucial support zone from short term perspective.
Bank Nifty recover sharply from intraday dip and closed around the highs for the day. On the downside 43300 – 43200 acted as a strong support and is now extending on the upside. It is likely to inch towards 44000. Momentum setup is in sync with the price action and is likely to provide speed to the upmove. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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