The benchmark indices closed on a negative note on November 17. Markets witnessed selling pressure at higher levels as investors seem to be trimming their holdings in stocks that had risen sharply in recent upsurge. At close, the Sensex was down 314.04 points or 0.52 percent at 60,008.33. The broader Nifty was down 100.50 points or 0.56 percent at 17,898.70. About 1382 shares have advanced, 1758 shares declined, and 95 shares are unchanged.
Mid cap index was flat today while small cap index ended with 0.4 percent gain. SBI Life Insurance (+2.97 percent), Maruti Suzuki (2.79 percent) and Asian Paints (2.49 percent) were the top gainers in Nifty50 today.
On the sectoral front, Nifty Auto, IT, consumption witnessed some gains while the rest of the indices closed in the red. Stocks like SBI Life, Maruti, and Asian Paints were were the top gainers while UPL, Reliance, Britannia were the prime laggards for the day.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "The Nifty traded in a small range of 100 points today. It closed negative by 110 points at 17,890. Nifty is showing weakness and its important for it to trade above 17,800 , if broken we may see 17,650 as next support level. On the higher side Nifty has resistance in 18,100 – 18,200 range. Traders are suggested not to buy falling markets and wait for Nifty to close above 18,200 with higher than average volumes before taking new long positions."
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "The Nifty is still holding the lower top formation, indicating continuation of the weak wave in the near future. While the intraday texture is weak, for bulls the 50 day SMA and 17,790 could act as a key support level. For day traders, 18,000 could be the immediate resistance level. Below the same the correction wave is likely to continue up to 17,850-17,790 levels. Contra traders can take a bet near 17,790 with strict support stop loss at 17,750."
Mohit Nigam, Head - PMS, Hem Securities said, "Benchmark indices ended on a negative note for the second consecutive day with Nifty falling (-)0.56 percent and Sensex ( -)0.52 percent. Pharma and realty stocks face pressure today while good buying was seen in auto stocks. Primary market remained in action as Go Fashion IPO started today and received bids of 1.26 crore equity shares against IPO size of 80.79 lakh equity shares. On the technical front, 18,000 level can act as immediate resistance and if Nifty is able to sustain above this level for some coming sessions then we can witness a good up move."
Sachin Gupta, AVP-Research, Choice Broking, said, "After a gap-down opening, the benchmark index continued the downside move throughout the day and settled at 17,898.65 levels with a loss of 0.5 percent while Banknifty slipped more than 200 points to close at 38,041.60 levels. Technically, the index has formed a bearish candle on the daily time frame and also shifted below the Middle Bollinger Band formation, which shows weakness in the counter. On an hourly chart, the index has given a trendline breakdown, which points out some corrections. Furthermore, the index has given closing below 21 DMA as well as the stochastic indicator is trading negative crossover. At present, the index has support at 17,750 levels, while resistance is at 18,100 levels."
