Midcap, smallcap beat BSE Sensex; Nifty needs to hold above 18000, support lies at 17950

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November 09, 2021 4:12 PM

BSE Sensex and Nifty 50 ended marginally in red on Tuesday on account of weakness in HDFC Bank and Housing Development Finance Corporation (HDFC)

sensex, niftyThe Nifty has closed above 18000 which is a positive sign. However, it is still indecisive and is facing resistance at higher level

BSE Sensex and Nifty 50 ended marginally in red on Tuesday on account of weakness in HDFC Bank and Housing Development Finance Corporation (HDFC). BSE Sensex fell 112 points or 0.19 per cent to end at 60,433, while Nifty settled 24 points or 0.13 per cent down at 18044. Apart from HDFC twins, index heavyweights such as Kotak Mahndra Bank, Bajaj Finance, Maruti Suzuki, and Axis Bank contributed the most to the indices loss. Broader markets outperformed the equity benchmarks. BSE MidCap index gained 0.8 per cent or 216 points to 26,520, and BSE Smallcap index was up 0.7 per cent or 194 points to end at 29,321. India VIX, the volatility index, fell 2.06 per cent to 16 levels. Analysts believe if Nifty holds above 18,000 then it may rise to 18,300 on a very quick basis.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The Nifty has closed above 18000 which is a positive sign. However, it is still indecisive and is facing resistance at higher levels. If we can sustain these levels, the markets can scale up higher to 18400 and then 18600. We have good support at 17600 and hence long positions can be accumulated for higher targets.

Rohit Singre, Senior Technical Analyst, LKP Securities

Index opened a day with gap up but showed a dull moment throughout the day & closed a day at 18044 with minimal loss. The index has formed a strong base around 18k mark & in today’s session also we witnessed a good pull back from the said levels only going forwards also 18k mark will act as fantastic support and if index managed to hold above 18k mark one can expect the next move towards 18200-18300 zone on a very quick basis, the overall structure is still positive and buy on the dip.

Vinod Nair, Head of Research, Geojit Financial Services

After a positive opening, the domestic market traded lower as private banking stocks were under pressure following dull global markets. However, Auto, PSBs and consumer durables climbed against the market trend with small and mid-cap stocks outperforming. Despite the passage of the long-awaited infrastructure bill, the gains in the US market were capped as investors cautiously awaited the US inflation data.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Nifty traded in a sideways range today. It closed at 18051, down by 17 points. Nifty is currently trading near is 20 period moving average and it is important for Nifty to close above 18100 with higher than average volumes. Nifty will face resistance in 18200 to 18300 range and has support at 17950 and 17800 levels

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