Sensex closes flat with positive bias, Nifty to face resistance at 18210 levels, support at 17978

By: |
November 15, 2021 4:21 PM

After witnessing a volatile trading session that saw Sensex, Nifty dance between gains and losses, headline indices closed the day flat with positive bias.

Midcap and smallcap indices outperformed benchmarks. (Image: REUTERS)

After witnessing a volatile trading session that saw Sensex, Nifty dance between gains and losses, headline indices closed the day flat with positive bias. S&P BSE Sensex jumped 32 points or 0.05% to close at 60,718 while NSE Nifty 50 gained 0.04% to end at 18,109. Power Grid Corporation was the tip Sensex gainer, up 2.99%, followed by ITC, Asian Paints, and Nestle India. Tata Steel was the worst performing stock, falling 3.24%, followed by Mahindra & Mahindra, and Bajaj Auto. India VIX closed 1.64% higher at 15.49 levels. Bank Nifty closed 0.08% lower while midcap and smallcap indices outperformed benchmarks. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty closed flat making a doji after an uprun. Advance decline ratio was in the negative reflecting profit taking across small and midcaps. The Nifty is finding it difficult to build on the gains. Institutional flows and volumes need to grow to bring a follow through rise. 18210 could be a resistance in the near term, while 17978 is a support.”

Sachin Gupta, AVP, Research, Choice Broking –

“Technically, the Nifty index moved above the prior swing highs and settled above Middle Bollinger Band formation on the daily chart. Moreover, the index has also shifted above 21-days SMA, which adds positive strength for the coming day. A momentum indicator RSI (14) & Stochastic also suggested positive crossover on the daily timeframe. At present, the Index has immediate support at 18000 levels while resistance comes at 18350 levels.”

Ajit Mishra, VP – Research, Religare Broking –

“Markets traded volatile and ended almost unchanged amid mixed cues. Upbeat global cues triggered a firm start but profit taking across sectors trimmed the gains as the day progressed. Markets are broadly in a consolidation phase so the prevailing volatility is normal. In absence of any major domestic event, global cues will dictate the trend in the coming sessions. Participants should focus more on overnight risk management and maintain extra caution in the selection of stocks.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic market was trading with a negative bias, between gains and losses, tracking volatile global markets and in the wake of domestic inflation data. Owing to the rise in prices of crude petroleum and manufactured products, India’s WPI in October spiked to 12.54% from 10.66% in September. On the contrary, China’s Industrial output growth accelerated to 3.5% YoY despite fresh covid restrictions and supply shortages, thereby easing concerns over a global economic slowdown. Buying interest in consumer durables and healthcare stocks outweighed bleeding metals and PSU banks to end the day’s trading session on a flat note.”

Mohit Nigam, Head – PMS, Hem Securities –

“Crude oil also saw a minor correction as US President Joe Biden faced calls for tapping the strategic petroleum reserves to tackle the surging gas station prices in the US. Since markets are consolidating around the 18,100 zone for quite some time, suggesting good entry points in quality stocks for a long-term basis.”

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