Moneycontrol PRO
Access insightful & curated financial content with Moneycontrol PRO at just Re. 1/- per day. Use code PRO365.

Taking Stock | Sensex surges 454 points, Nifty above 17,500; RIL, healthcare stocks gain

In the November series, the Sensex fell 2 percent and the Nifty ended 1.79 percent lower

November 25, 2021 / 05:11 PM IST

The Indian benchmark indices ended higher amid volatility on F&O expiry day on November 26, powered by gains in heavyweights like Reliance Industries, Infosys, and ITC.

The market, which started flat, remained volatile in the first half but buying led by Reliance Industries helped indices erase the previous session’s losses in the second half.

At close, the Sensex was up 454.10 points, or 0.78 percent, at 58,795.09, and the Nifty was up 121.30 points, or 0.70 percent, at 17,536.30.

"It was a Reliance day on the Indian equity market because Reliance alone contributed more than 85 percent of Nifty gain, while healthcare stocks were also in good health today,” said Santosh Meena, Head of Research, Swastika Investmart.

In the November series, the Nifty shed 1.79 percent, while the Sensex fell 2 percent.

Close

It was a volatile trading session on the back of the F&O expiry, especially for the Bank Nifty which underperformed, Meena said.

"FIIs (foreign institutional investors) are selling relentlessly in our Indian market and we can again expect a big number today on the back of the F&O expiry despite holiday in the US market. However, today's FII figure won't be clear because they generally close their arbitrage positions on the expiry day," he added.

Broader markets performed in line with the benchmarks. The BSE midcap index added 0.69 percent and the smallcap index rose 0.87 percent.

IndexPricesChangeChange%
Sensex58,505.69-143.99 -0.25%
Nifty 5017,425.00-44.75 -0.26%
Nifty Bank36,979.40-305.30 -0.82%
Nifty 50 17,425.00 -44.75 (-0.26%)
Thu, Dec 09, 2021
Biggest GainerPricesChangeChange%
Larsen1,855.8530.80 +1.69%
Biggest LoserPricesChangeChange%
HDFC Bank1,524.60-29.20 -1.88%
Best SectorPricesChangeChange%
Nifty Infra5053.8022.15 +0.44%
Worst SectorPricesChangeChange%
Nifty Bank36994.40-290.30 -0.78%

Reliance Industries, Divis Labs, Infosys, ITC and Tech Mahindra were among major gainers on the Nifty, while losers were Britannia Industries, IOC, IndusInd Bank, Maruti Suzuki and ICICI Bank.

Among sectors, Nifty energy and pharma gained 1-2 percent, while PSU bank and auto indices fell 0.5 percent each.

Stocks and sectors

On the BSE, oil & gas, healthcare and realty indices rose 1 percent each, while selling was seen in the auto, bank and capital goods stocks.

Among individual stocks, a volume spike of more than 100 percent was seen in Vodafone Idea, Escorts and Dixon Technologies.

Long buildup was seen in Vodafone Idea, Motherson Sumi and Chambal Fertilisers, while short buildup was seen in Kotak Mahindra Bank, Shree Cement and L&T.

More than 200 stocks, including Lyka Labs, Escorts, and Raymond, hit a 52-week high on the BSE.

Technical View

The Nifty has formed a strong bullish candle and at the same time, it is consistently taking support between 17,400 and 17,350 levels, said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

"We are of the view that the intraday support has now shifted to 17,450 from 17,350 and as long as it is trading above 17,450, the uptrend wave will persist up to 17,600-17,700," he added. On the flip side, the uptrend would be vulnerable below 17,450.

Outlook for November 26

Ajit Mishra, VP- Research, Religare Broking

The market lacks decisiveness at current levels which may continue for the time being. In case of a rebound, the Nifty will face resistance around 17,600-17,800, while 17,350-17,150 zone will act as a cushion.

Participants should continue with a stock-specific approach and maintain positions on both sides.

Mohit Nigam, Head-PMS, Hem Securities

The benchmark indices ended on a positive note, with the Nifty closing above 17,500 on November F&O expiry.

On the technical front, immediate support and resistance in Nifty 50 are 17,310 and 17,560, respectively. For the Bank Nifty, support and resistance are 37,160 and 37,810, respectively.

Sachin Gupta, AVP, Research, Choice Broking

The benchmark index gained more than half a percent on November 25 and recouped losses of the previous day, settling at 17536.25. The Bank Nifty closed in red at 37,364.75 with a marginal loss of 0.2 percent.

Technically, the Nifty has pulled up with the support of the Lower Bollinger Band formation and closed above 17,500. The stochastic indicator also reversed from the oversold territory with positive crossover, which indicates bullish strength in the index.

The Nifty has immediate support at 17,350 levels, while resistance is at 17,650. For the Bank Nifty, support is at 37,000-36,650 and resistance at 38,000.

Disclaimer: The views and investment tips expressed by 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.
Rakesh Patil
first published: Nov 25, 2021 05:11 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark