Indian benchmark indices ended flat on November 15 in a volatile session, erasing intraday gains with selling seen in the metal and PSU banking names.
At close, the Sensex was up 32.02 points, or 0.05 percent, at 60,718.71 and the Nifty was up 6.70, points or 0.04 percent, at 18,109.50.
The market started the holiday-shortened week on a positive note but witnessed range-bound trading during the session, reacting to the macro data released on November 12.
“Domestic market was trading with a negative bias, between gains and losses, tracking volatile global markets and in the wake of domestic inflation data,” said Vinod Nair, Head of Research at Geojit Financial Services.
India’s wholesale price inflation in October spiked to 12.54 percent from 10.66 percent in September due to a rise in prices of crude oil and manufactured products, data released by the government during the day showed.
“On the contrary, China’s industrial output growth accelerated to 3.5 percent YoY despite fresh Covid restrictions and supply shortages, thereby easing concerns over a global economic slowdown,” Nair said.
Buying interest in consumer durables and healthcare stocks outweighed bleeding metals and PSU banks to end the session on a flat note, he said.
Broader markets ended mixed. The BSE midcap index was up 0.4 percent, while the smallcap index was down 0.2 percent.
Power Grid Corp, Cipla, ITC, ONGC and UPL were among the major Nifty gainers. Coal India, Tata Steel, Hindalco, Eicher Motors and JSW Steel topped the list of losers.
Among sectors, the Nifty Metal and the PSU Bank indices fell 1.8 percent and 1.4 percent, respectively, while the pharma index added 1.4 percent. Buying was also seen in the FMCG, IT and energy names.
Stocks and sectors
On the BSE, the healthcare index added 2 percent and the metal index shed 2 percent. However, IT, oil & gas, FMCG and power indices ended in the green.
Among individual stocks, a volume spike of more than 400 percent was seen in PI Industries, Manppuram Finance and Biocon.
Long buildup was seen in Apollo Hospitals, Metropolis Healthcare and PI Industries, while short buildup was seen in Manappuram Finance, Torrent Pharma and Apca Laboratories.
More than 200 stocks, including L&T, HDFC, Bata India, Sintex Industries, hit 52-week high on the BSE.
The Nifty formed a small-bodied bearish candle on the daily scale with a long upper shadow, indicating choppiness and a lack of follow-up buying.
The index has to hold above 18,000 to continue for an up move towards 18,200 and 18,350 zones. While on the downside, supports shifts to 18,000 and 17,900, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.
Outlook for November 16
Sachin Gupta, AVP, Research, Choice Broking
Technically, the Nifty moved above the prior swing highs and settled above Middle Bollinger Band formation on the daily chart. Moreover, the index shifted above its 21-day simple moving average (SMA), which is positive for the coming day.
Momentum indicators RSI (14) and Stochastic also suggest a positive crossover on the daily timeframe. The index has immediate support at 18,000, while resistance comes at 18,350.
Shrikant Chouhan, Head, Equity Research (Retail), Kotak Securities
We are of the view that the 20-day SMA would act as a trend decider level for the bulls and above it, the uptrend could continue to 18,200-18,275.
On the other hand, the dismissal of 18,040 or 20 days SMA could open another correction wave till 18,000-17,925.
Ajit Mishra, VP-Research, Religare Broking
Markets are broadly in a consolidation phase, so the prevailing volatility is normal.
In absence of any major domestic event, global cues will dictate the trend in the coming sessions.
Participants should focus more on overnight risk management and maintain extra caution in the selection of stocks.
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