Taking Stock: Sensex, Nifty flat ahead of Bihar election outcome; Nifty Bank hits fresh high

Nifty Bank index touched fresh 52-week high of 58,615.95, but ended marginally higher at 58,381.95.

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Asian Paints, ICICI Bank, L&T, Interglobe Aviation, Hindalco were among major gainers on the Nifty, while losers were Eternal, Shriram Finance, Adani Ports, Bharat Electronics and M&M.

Among sectors, IT, media, PSU bank shed 0.5% each, while metal, pharma, realty rose 0.5% each.

Also Read: Rally in Asian Paints shows shine may be back as disruption fears ease in India’s paints business

In stock-specific action, Ather Energy shares gained 1% after 87 lakh shares change hands in block trade, Prestige Estates Projects added 3% after Q2 profit surges 123%, Ircon International share price declined 3% as profit slips 33%, Nazara Technologies shares added 5% despite posting losses in Q2.

Deepak Nitrite shares hit 52-week low as Q2 profit slips 39%, Cohance Lifesciences shares slipped 9% as profit sheds 52%, Indraprastha Gas shares added 2% as Q2 revenue rises, Afcons Infrastructure shares slipped 1.4% on poor Q2 earnings, KNR Constructions share price declined 3% as Q2 profit down 76%, Marine Electricals (India) shares added 3.4% on orders win of Rs 174.60 crore.

More than 120 stocks touched their 52-week high on the BSE, including Ashok Leyland, Asian Paints, Biocon, Adani Energy, Vedanta, Muthoot Finance, SAIL, Vodafone Idea, NALCO, Jindal Steel, Asahi India, Canara Bank, Varroc Engineers, Alkem Laboratories, Adani Ports, Max Financial, among others. Click to View More

On the other hand, more than 120 smallcap stocks hit 52-week low, including Cohance Life, DCX Systems, Kopran, Go Fashion, Kabra Extrusion, Lincoln Pharma, Dhunseri Investments, KNR Construction, Sundaram-Clayton, Saregama India,HG Infra Engineering, Wonderla, Quess Corp, Ceinsys Tech, among others. Click to View More

Outlook for November 14

Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ends 3 points higher, while the Sensex was up by 12 points. Among sectors, the Infra index was up by 0.50 percent, whereas the Défense and Digital index lost the most, shed nearly 1 percent. Technically, after a promising uptrend rally, the market witnessed some profit booking at higher levels. However, the short-term outlook remains positive.

For traders, the 20-day SMA (Simple Moving Average) at 25,750/84200 would act as a crucial support zone. As long as the market is trading above this level, the bullish momentum is likely to continue. On the higher side, 26,000/85000 would act as an immediate resistance zone for the bulls. A successful breakout above 26,000/85000 could push the market up to 26,100/85300.

On the flip side, if the market falls below the 20-day SMA at 25,750/84200, it is likely to retest the levels of 25,650-25,600/84000-83700.

Rupak De, Senior Technical Analyst at LKP Securities

Nifty remained volatile ahead of the Bihar election results. The technical setup, however, remains intact, with the index comfortably placed above the 21EMA. The RSI has entered a positive crossover with a reading above 60, indicating strong price momentum.

An extension of today’s volatility is expected tomorrow. Technically, immediate resistance is placed at 26,000; a decisive move above this level might trigger a rally towards 26,200/26,350.

On the lower end, immediate support is placed at 25,800, below which the current rally might lose some steam.

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