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Taking Stock: Bears tighten the grip; Nifty ends below 17,900, Sensex falls 433 pts –

Stock market remained under pressure for the third consecutive session on November 11 dragging benchmark indices below the psychological levels.

At close, the Sensex was down 433.13 points or 0.72 percent at 59,919.69, and the Nifty settled 143.60 points or 0.80 percent lower at 17,873.60.

Amid weak global cues, the market once again opened on a negative note and extended the fall but managed to pare the intraday losses. However, both headline indices, Sensex and Nifty closed below their crucial levels of 60,000 and 17,900, respectively.

“Global inflationary pressure following upsetting US inflation data forced the domestic market to trade with deep cuts. Beating the market estimates, US inflation hit a 30-year high level of 6.2 percent YoY adding fears of an earlier than expected rate hike, while US bond yields shot higher,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Rising inflationary pressure along with prospects of an early rate hike can keep the domestic market on edge as such indicators tempt foreign investors to pump out liquidity from emerging markets like India,” Nair added.

The BSE midcap and smallcap indices fell 0.5 percent each.

IOC, Tech Mahindra, SBI, ONGC and SBI Life Insurance were among the major Nifty losers, while Titan Company, Hindalco Industries JSW Steel, M&M and Reliance Industries emerged as top gainers.

Among sectors, Nifty Bank, Pharma, Auto and PSU Bank indices fell over 1 percent each, while some buying was seen in metal names.

Stocks and sectors

On the BSE, the bank, healthcare and realty indices slipped 1-2 percent; however, power and metal indices ended in the green.

Among individual stocks, a volume spike of more than 200 percent was seen in the Navin Fluorine International, Hindustan Aeronautics and Page Industries.

Long buildup was seen in Navin Fluorine International, Whirlpool India and Page Industries, while short buildup was seen in Laurus Lab, Balkrishna Industries and Bosch.

More than 200 stocks, including Voltamp Transformers, Tata Elxsi, Macrotech Developers, and Indowind Energy, hit 52-week high on the BSE.

Technical View

The Nifty formed a bearish candle on daily scale and has been forming lower highs – lower lows from the last two sessions.

The index has to cross and hold above 17,950 levels for an up move towards 18,100-18,150 zones. While on the downside, index has a major support at 17,777 and 17,600 levels, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.

Outlook for November 12

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

The Nifty respected the 17,800 support and ended the session above it. We are currently around the lower end of the range which is 17,700. The upper end is 18,100.

We need to see if we either break 17,700 or close above 18,100. One of the two will allow the index to break out or break down from this range-bound movement. Until then it is best to sit on the sidelines and wait for a directional move.

Rohit Singre, Senior Technical Analyst at LKP Securities:

The index showed selling pressure for the third consecutive session and closed a day at 17,874 with a loss of nearly one percent. It has shown some pullback after hitting a good demand zone of 17,800 in last hour which hints 17,800 will be first good support for the coming session, followed by 17,700 zone.

That apart, any dip near the said levels will be a buying opportunity on the positional basis with a stop out level below 17,600 zone.

The immediate hurdle is coming near 17,940-18,050 zone and above the said levels, one can expect a fresh breakouts.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:

The level of 17,800 indeed acted as a crucial support and will continue to provide support going ahead.

As long as the index trades above 17,800, it can once again take a leap towards 18,000-18,100. The daily chart shows that the Nifty is witnessing oscillations between the key daily moving averages & the short term consolidation is expected to continue further.

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