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Updated on: Wednesday, November 10, 2021, 04:34 PM IST

Market ends lower in listless trading session amid mixed Asian cues; metal, realty stocks tumble


At close, the Sensex was down 80.63 points or 0.13 percent at 60,352.82./ Representational image |

At close, the Sensex was down 80.63 points or 0.13 percent at 60,352.82./ Representational image |

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The benchmark indices closed marginally lower at end of trading session on November 10. Markets languished in the negative territory for a major part of the session as Asian cues were mixed. After the initial intraday selloff, Nifty found support near 17900 and reversed sharply in the closing hours. At close, the Sensex was down 80.63 points or 0.13 percent at 60,352.82. The broader Nifty was down 27.10 points or 0.15 percent at 18,017.20. About 1601 shares have advanced, 1530 shares declined, and 129 shares are unchanged.

Stocks like UPL, Bharti Airtel and M&M were on the top of the dashboard while IndusInd Bank, Hindalco, and Tata Steel were the laggards. Amongst the sectors, auto, infra, and pharma saw marginal gains of 0.53 percent, 0.43 percent and 0.23 percent respectively while metals, finserv, and IT ended up in red with loses of 1.76 percent, 0.39 percent and 0.26 percent

Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "The Nifty had a another day of sideways movement. Today again it took resistance at its 20 period moving average. It closed at 18,012 after making a low of 17,915. Nifty has resistance in 18,050-18,100 range and support at 17,800 and 17,650 levels. Traders are suggested not to initiate new longs till the time nifty closes above 18,100 with higher than average volumes."

Palak Kothari, Research Associate, Choice Broking said, "On the back of negative global cues and SGX Nifty, the Index opened down, but it recovered 145 points from the day low and filled the gap and made a intraday high at 18,060.95 and settling at 18,017.20 with a marginal loss of 27 points while Bank Nifty settled at 39,023.25 with a loss of 45.55 points. .. Technically, Nifty has just settled above the Pivot Point indicating a bounce-back movement in the counter. The Swing Index and the Momentum indicator have come out of their negative zones on the four-hourly time frame into the positive zones indicating an uptrend. Also, the stochastic indicator is witnessed with a positive crossover. At present, the index has a support level of 17,850 and resistance of 18,130 levels."

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities, said, "Nifty has been in a consolidation phase since the past few trading sessions. Broader market health has improved with midcap participation and now we expect the uptrend to resume for 18,700-19,000 on the higher side. Any corrective dips should be bought into as the trend remains positive. IT, Metals, and select FMCG stocks look attractive at current levels."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "Technically, the narrow range activity near the 20 day SMA clearly indicates indecisiveness between the bulls and bears. However, the intraday texture is still bullish and is likely to continue in the near future. The intraday trading set up suggests 17,950 would be the key support level for the traders. Trading above the same, the index can move up to 18,100-18,150 levels. On the flip side, dismissal of 17,950 may trigger short-term correction up to 17,850-17,825 levels."

Mohit Nigam, Head - PMS, Hem Securities said, "UPL (+3.37%) and Bharti Airtel (+3.28%) were among the top gainers and Hindalco (-3.35%) and IndusInd Bank (-3.26%) were among the top losers in Nifty 50 today. On the technical front 17,700 and 18,300 are near term support and resistance in Nifty 50 respectively."

Deepak Jasani, Head of Retail Research, HDFC Securities, said, "Nifty closed almost flat for the second consecutive session with advance decline ratio falling to slightly in the negative. As compared to the previous session, it made a lower high. 18,113 on the upside is the resistance level to watch while 17,836 is the support level to protect in the near-term."

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Published on: Wednesday, November 10, 2021, 03:49 PM IST
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