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Share market holiday: BSE, NSE shut today on account of Gurunanak Jayanti –

The National Stock Exchange of India (NSE) and the BSE will remain closed on November 19 on account of Gurunanak Jayanti.

Wholesale commodity markets, including metal and bullion, will also remain shut. There will be no trading activity in the forex and commodity futures markets either.

On November 18, the Sensex ended 433.05 points or 0.72% lower at 59,575.28, while Nifty slipped 133.90 points or 0.75% to end at 17,764.80.

“Market sentiment remained weak for the third straight session as factors such as rising inflation numbers and higher valuations are weighing on investors’ minds, resulting in a correction in key indices,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

“On weekly charts, the Nifty has formed a strong bearish candle which is largely negative. In addition, the index has broken the important support level of 17,800 and closed below the same.”

“For the traders, 17,950 would be the immediate hurdle. If the index rises above the level, a pull-back momentum can continue up to 18,025-18,150-18,200 levels. On the flip side, trading below the 50-days SMA or 17,900, the index could slip up to 17,600-17,500 levels. Contra traders can take a long bet near 17,500 with a strict support stop loss at 17,425,” he added.

SBI, Power Grid Corp, HDFC Bank, IOC and Divis Labs were the major gainers on the Nifty, while losers were Tata Motors, Tech Mahindra, M&M, HCL Technologies and L&T.

Among sectors, the Nifty Auto and Metal indices shed over 2 percent each, while IT and Pharma indices fell 1 percent each.

Broader markets underperformed the benchmark indices with BSE midcap and smallcap indices falling 1.5 percent each.

“The bears continued to dominate and dragged the index lower as weak global cues affected sentiment. Besides, the subdued listing of Paytm added to the pressure as the session progressed. The scheduled weekly expiry further added to the volatility. Finally, the Nifty index ended lower by 0.7% to close at 17,764. The broader markets also witnessed selling pressure and lost over one percent each. Amongst the sectors, auto, metal and IT were the top losers,” said Ajit Mishra, VP – Research, Religare Broking.

“We reiterate our cautious view on the markets, given the feeble global cues. Besides, the charts are also indicating the prevailing corrective move to extend further, with immediate support at 17,500 or lower in Nifty. In case of a rebound, the 17,900-18,000 zone would act as a resistance. Considering the scenario, traders should limit leveraged positions and maintain a few shorts also,” Mishra added.

The Indian rupee ended marginally higher at 74.23 on Thursday against Wednesday’s close of 74.27 per dollar.