Updated on: Friday, November 12, 2021, 04:20 PM IST

Sensex, Nifty snap 3-session losing streak to close above crucial mark on all-round buying

Nifty made a bullish bar today. It closed at 18,100--up by 225 points/ Representational image |

Nifty made a bullish bar today. It closed at 18,100--up by 225 points/ Representational image |


The benchmark indices snapped three-session losing streak on Friday (November 12)-last day of trading for this week.

At close, the Sensex was up 767.00 points or 1.28 percent at 60,686.69. The broader Nifty was up 229.20 points or 1.28 percent at 18,102.80. About 1556 shares have advanced, 1628 shares declined, and 143 shares are unchanged.

On the sectoral front, IT, power, capital goods and realty indices were up 1 percent each while media ended in red. The market breadth was positive with 42 of the NIFTY 50 stocks closing on a green note. tocks like Tech Mahindra, Hindalco, HDFC, HDFC Life, and Wipro were the top gainers while Bajaj Auto, Tata Steel, Hero Motors, Axis Bank were the prime laggards.

Gaurav Udani, CEO and Founder, ThincRedBlu Securities, said, "Nifty made a bullish bar today. It closed at 18,100--up by 225 points. However, volumes on daily charts were lesser than its average. Aggressive traders can consider buy on dips with strict stop loss, while others should wait for a volume confirmation. Nifty has resistance in 18,150-18,200 range and support in 17,950-18,050 range."

Palak Kothari, Research Analyst, Choice Broking, "On the last day of the week, the index opened on a positive note and traded higher as it managed to cross 18,000-mark and closed at 18102.75 level with a gain of 229.15 points. Bank nifty closed at level 38,733.35 with a gain of 173.15 points. Technically, the index has formed a bullish candle on the daily time frame with the support of 50 DMA, which suggests strength in the counter. The Index has given a breakout of the falling trendline, which points out strength in the counter. Also, the Stochastic indicator bounced and showed positive crossover, which points out strength in the counter for the next trading session. At present, the index has a support level of 17,900, while resistance is at 18,250 levels."

Mohit Nigam, Head - PMS, Hem Securities, said, "Good buying was seen in IT (Nifty IT: +2.10%) and Realty (Nifty Realty: +1.65%) stocks such as LT Infotech, Tech Mahindra, Wipro, IndiaBulls Real Estate, and DLF. On the technical front 17,950 and 18,340 are near-term support and resistance in Nifty50 respectively."

Deepak Jasani, Head-Retail Research, HDFC Securities, "Nifty rose smartly on November 12 after a three-day fall. However, the broader market is lagging going by the negative advance decline ratio and low volumes. Nifty has closed just short of the resistance of 18,113. A move above this could take it to 18,192-18,296 band."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said, "Optimism in other Asian indices also helped markets recover. After a long time Nifty has succeeded to close above 18000, which is broadly positive for the market. On daily charts, it has formed a higher bottom that also supports further uptrend. We are of the view that the short-term support has shifted from 17,850 to 18,000-level. For the trend following traders, 18,000 would be the sacrosanct level. As long as the index is trading above the same, the uptrend wave will continue up to 18,200-18,400 while on the other hand, a close below 18,000 could increase further weakness till 17,850-17,650. In the meantime, the Bank Nifty index is trading near its 50 day SMA. And the structure suggests strong possibility of trend reversal, if it succeeds to trade above 38,500/38,200."

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Published on: Friday, November 12, 2021, 03:54 PM IST