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Taking Stock: Sensex, Nifty50 at fresh record closing highs! What should investors do?

Experts are of the view that the market is likely to remain volatile ahead of November expiry on Thursday but it is still buy on dips market as long as Nifty trades above 12,000.

November 27, 2019 / 06:52 PM IST

No new fresh record highs for Nifty but the index did manage to close above 12,100 for the first time in the history. The S&P BSE Sensex too ended at fresh closing high above 41,000 levels.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 199 points to 41,020 while the Nifty50 closed 63 points higher at 12,100 on Wednesday.

Sectorally, the action was seen in auto, oil & gas, public sector, and metal stocks while profit-taking was seen in capital goods, realty, and telecom space.

The broader market remains mixed as the S&P BSE Midcap rose 0.82 percent while the S&P BSE Smallcap underperformed, rising 0.19 percent.


Positive global cues and consistent buying by foreign investors kept the momentum going on Indian markets. Auto stocks gained between 1-4 percent on November 27 after media reports suggested that the government could approve scrappage policy in today's meeting.

Experts are of the view that the market is likely to remain volatile ahead of November expiry on Thursday but it is still "buy on dips" market as long as Nifty trades above 12,000.

“We reiterate our bullish view on the index and suggest continuing with “buy on dips” approach. Almost all the sectors, barring IT, are contributing to the move and we feel under-owned sectors viz. PSU banks and pharma can positively surprise the participants,” Ajit Mishra, VP - Research, Religare Broking Ltd said.

“The broader indices too are showing sign of recovery but we’re seeing selective buying thus traders should maintain positive yet cautious approach while choosing stocks from the midcap and smallcap pack,” he said.

Top Nifty gainers: SBI, UltraTech Cements, and YES Bank

Top Nifty losers: L&T, Cipla, and Bharti Infratel which were down 2-3% respectively

Sectors & stocks:

Sectorally, the S&P BSE Auto index rose 1.2 percent, followed by the S&P BSE Oil & Gas index which gained 1.05 percent, and the S&P BSE Metal index was up 0.91 percent.

On the losing front, the S&P BSE Capital Goods index fell 1.09 percent, followed by the S&P BSE realty index which was down 0.64 percent, and the S&P BSE Telecom index fell 0.41 percent.

Volume spike of over 100 percent was seen in stocks like Marico, Torrent Pharma, Cadila Healthcare, and Tata Motors DVR.

Long Buildup: Marico, Power Grid, Nestle and Dabur India

Short Buildup: Cipla, NTPC among others

There were as many as 41 socks which hit a fresh 52-week high. These include Adani Green, Bajaj Finserv, Divi’s Laboratories, Dr Reddy’s, Godfrey Phillips, and PI Industries among others.

Meanwhile, as many as 126 stocks which hit a fresh 52-week low. These include Allahabad Bank, Chennai Petro, Jain Irrigations, and Mphasis among others.

Stocks in news:

YES Bank emerged as the top gainer on Nifty ahead of November 29 Board Meet On Fundraising; the stock closed with gains of 7.6 percent.

RBL Bank Hits a 2-month high on reports of Rs 2,000 crore QIP; the stock closed 5.8 percent higher.

Biocon surged over 4.6 percent after Bengaluru Biologics unit received USFDA nod.

Ujjivan climbed 4.6 percent ahead of subsidiary Small Fin Bank’s Rs 750 crore IPO which opens on December 2.

ARSS Infrastructure closed 5 percent higher on November 27 after it secured an order worth Rs 281 crore.

Technical View:

Nifty forms a small bullish candle on the daily charts.

It appears that the index is consolidating in a narrow range, but as long as Nifty stays above 12,000, bulls are likely to remain in charge. The next target is in the range of 12,300 – 12,350.

On the downside, 13-Day exponential moving average placed at 11,963 appears to be critical short term support.

Positional traders are advised to make use of dip around 12,070 – 12,050 levels to create fresh long positions with a stop below 11,957 on a closing basis and look for a target of 12,300.

Three levels: 11957, 12132, 12200
 Max Call OI: 12,100, 12,200

Max Put OI: 12000, 11900
Kshitij Anand is the Editor Markets at Moneycontrol.

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