The Indian equity indices ended weak with Nifty falling below 23,850, intraday, in yet another volatile session on November 12, amid selling across the sectors.
At close, the Sensex was down 820.97 points or 1.03 percent at 78,675.18, and the Nifty was down 257.80 points or 1.07 percent at 23,883.50.
Amid mixed global cues, the Indian indices opened higher with Nifty above 24,200 but erased all the gains in the initial hours and traded flat in the first half. However, increased profit booking dragged the Nifty index below 23,900 to close near day's low.
Biggest losers on the Nifty were Britannia Industries, HDFC Bank, NTPC, Asian Paints and Bharat Electronics, while gainers included Trent, HCL Technologies, Sun Pharma, Infosys and Reliance Industries.
Among sectors, all the sectoral indices ended in the red with auto, bank, capital goods, FMCG, metal, oil & gas, power, telecom, media, pharma falling 0.5 percent-2 percent.
BSE Midcap and Smallcap indices shed 1 percent each.
Nearly 190 stocks touched their 52-week high on the BSE, including, Coforge, eClerx Services, Federal Bank, Fortis Healthcare, HCL Technologies, JSW Holdings, Mastek, Neuland Lab, Pokarna, Sasken Technologies, Thyrocare Technologies, Unichem Labs, among others. Click To View More
On the other hand, Asian Paints, Birla Corp, CreditAccess Grameen, Delhivery, Equitas Bank, GNFC, JK Lakshmi Cement, Relaxo Footwear, Restaurant Brand, Shoppers Stop, Shree Cements, TCI Express, among others, hit their 52-week low on the BSE. Click To View More
Outlook for November 13
Aditya Gaggar Director of Progressive Shares
Resistance at the higher levels played their stringency well as after a strong opening; the Bears struck with full force and breached the psychological level of 24,000. At close, Nifty50 settled the trade at 23,883.45 with a loss of 257.85 points. Except for Realty and IT, all the other sectors ended the session in red where Auto and PSU Bank were the major laggards. Mid and Smallcaps more or less moved in tandem with the Frontline Index and corrected over 1%.
On the daily chart, the Index has formed a Bearish Engulfing pattern which indicates a strong domination of Bears. Now, the immediate support is placed at 23,800 and in the case of violation, it would drag the Index further lower to 23,650; on the flip side, multiple resistance points are there with immediate being at 24,100 where the Index will find selling pressure.
Ajit Mishra – SVP, Research, Religare Broking
The markets remained under pressure, shedding over a percent, extending the ongoing correction phase. Despite an initial uptick, Nifty witnessed sharp swings in the first half before selling pressure in heavyweight stocks shifted the momentum downward. Most sectors, including auto, FMCG, and metal, faced losses in line with the benchmark indices. Broader indices were not spared either, losing nearly 1.5% each.
Nifty has now edged closer to its previous swing low i.e. around 23800, with banking heavyweights leading the decline and dampening hopes of a recovery once again. Current signals suggest a potential test of the long-term moving average at the 200 DEMA level, around 23,540. Participants should adjust their positions accordingly and prioritize selective stock picking.
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