Stock Market Today
The market was back in the red on November 2, resuming its losing streak after a day’s break on weak global cues as investors remain cautious ahead of the Bank of England and Federal Reserve meetings.
The market started the day gap up but saw profit- booking to close lower on Dhanteras, an auspicious day for Hindus who buy gold, silver or utensils to mark the day.
At close, the Sensex was down 109.40 points or 0.18 percent at 60,029.06, and the Nifty was down 40.70 points, or 0.23 percent, at 17,889.
"Metal, oil and commodity stocks dragged, fuelled by profit-booking, while realty, PSU bank and consumer durables made frail attempts at lifting the indices," said Vinod Nair, Head of Research at Geojit Financial Services.
Succumbing to lacklustre global sentiments, domestic indices failed to gain ground oscillating between gains and losses in a rough session, Nair said.
Global markets remain jittery ahead of the Bank of England and Fed meetings, where the central banks could cease the pandemic-era stimulus, he said.
"Auto sector managed to remain buoyant despite weak auto sales numbers reported by sectoral majors due to supply chain disruptions, fuel price hikes and rise in input costs," Nair said.
The broader indices outperformed the benchmarks. The BSE midcap and smallcap indices rose 0.5-1 percent.
Maruti Suzuki, NTPC, Titan Company, SBI and L&T were among the major Nifty gainers. Losers included Tata Steel, Grasim Industries, Tech Mahindra, JSW Steel and Hindalco Industries.
Except auto and bank, all sectoral indices ended in the red, with the Nifty metal index down 1.5 percent.
Stocks and sectors
On the BSE, the realty index jumped over 3 percent, while buying was also seen in auto, bank, capital goods and power stocks. The metal index fell nearly 2 percent.
Among individual stocks, a volume spike of more than 200 percent was seen in PI Industries, Sun Pharma and RBL Bank.
Long buildup was seen in Chambal Fertilisers, SBI Cards and Trent, while short buildup was seen in PI Industries, Whirlpool India and Laurus Labs.
More than 150 stocks, including Phoenix Mills, Grasim Industries, Jammu and Kashmir Bank and Atul Auto, hit a 52-week high on the BSE.
Technical View
The Nifty formed a small-bodied bearish candle but continued forming higher lows of the last two sessions.
The Nifty has to cross and hold above 18,000 for an up move towards 18,150 and 18,350, else it may get stuck in the 17,777 to 18,000 range.
On the downside, support exists at 17,777 and 17,600, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.
Outlook for November 3
Rohit Singre, Senior Technical Analyst, LKP Securities
The Nifty has formed a good support zone around 17,850-17,780 and it holds above it, we may see it to trade with positive bias.
Existing longs can be held by keeping the stop-out level below the 17,750 zone on a closing basis. An immediate hurdle is formed near the 17,950-18,00 mark.
The Nifty has to go past 18,000 for aggressive buying to resume in the market.
Palak Kothari, Research Associate, Choice Broking
On the intraday hourly chart, the index has been trading with lower high and lower low, which indicates weakness for the upcoming session.
However, the hourly momentum indicator MACD is trading with a positive crossover, which suggests that the bullish movement is intact.
The Nifty has immediate support at 17,700, while resistance comes at 18,030, crossing which can take the index to 18,100-18,200.
Gaurav Ratnaparkhi, Head, Technical Research, Sharekhan by BNP Paribas
In terms of the level, the 18000-mark acted as a key barrier. Though the level was crossed on an intraday basis, the index couldn’t sustain in the higher territory.
If the bulls manage to cross that hurdle on a closing basis, the short-term range will shift higher. On the flip side, failure to cross that level will confine the short-term consolidation to 17,600-18,000.
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.
Taking Stock: Market ends lower amid volatility, metals fail to shine on Dhanteras - Moneycontrol.com
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