After two days of flat closing, the equity indices ended on a negative note amid volatility on November 9 with Sensex falling 143.41 points or 0.22 percent to end at 64,832.20, while Nifty was down 48.20 points or 0.25 percent to close at 19,395.30.
After opening marginally lower, the indices turned green in the initial hours but spent most of the session in the negative territory before closing near the day's low.
Stocks and Sectors
Adani Enterprises, HUL, Tata Consumer Products, Adani Ports and ONGC were among the top losers on the Nifty, while gainers were M&M, Apollo Hospitals, Coal India, Hero MotoCorp and Power Grid Corporation.
A mixed trend was seen on the sectoral front with realty and auto indices up 1 percent each, while Oil & Gas, FMCG and Information Technology indices were down 0.5 percent each.
BSE Midcap index ended on a flat note, while Smallcap index was down 0.25 percent.
A short build-up was seen in Multi Commodity Exchange of India, NALCO and Samvardhana Motherson International, while a long build-up was seen in Metropolis Healthcare, PFC and Apollo Hospitals Enterprises.
Among individual stocks, a volume spike of more than 400 percent was seen in Ramco Cements, M&M and GNFC.
BASF, Power Finance, Sobha, Welspun Corp, Prestige Estate, PCBL, Global Health, JB Chemicals, Oberoi Realty and Solar Industries, among the stocks that touched 52-week high on the BSE. Click here for the full list
Outlook for November 10
Ajit Mishra, SVP - Technical Research, Religare Broking:
Markets remained range bound for the third day in a row and ended marginally lower. After the flat start, Nifty remained in a narrow range till the end and finally settled around the day’s low. A mixed trend continued on the sectoral front wherein realty and auto posted decent gains while FMCG and oil&gas ended in the red. Amid all, resilience continued on the broader front and both midcap and smallcap index closed unchanged.
The recent pause is the index is largely in sync with the global markets, especially the US, and needs a decisive break from the 19,200-19,500 zone for the next move. Meanwhile, stay focused on identifying the sectors and themes that are performing well and utilize intermediate dips to add quality stocks.
Rupak De, Senior Technical analyst at LKP Securities:
The Nifty has slipped a bit lower as it found resistance at the critical moving average on the daily timeframe, suggesting a weakening bullish sentiment. Moreover, the index slipped back below 21EMA after a brief stay above the critical near-term moving average, which indicates a failed bullish reversal. The sentiment now favors a bearish bet as long as the Nifty remains below 19,500. All rallies till 19,500 are likely to be sold into. On the lower end, support is placed at 19,300, below which a serious correction may happen in the market.
The Nifty Bank index has remained sideways during the day as it sustained above the support at 43,500 while it failed to reach the crucial resistance of 44,000. Going forward, the trend is likely to remain sideways to positive as long as it sustains above 43,500. The index has been lacking momentum at the higher levels. A fall below 43,500 might signal a failure of the current trend; below 43,500, the index might fall towards 43,000-42,800.
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