Sensex ends in red for third day straight; Nifty could touch 17200 if it gives up 17600 support

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November 18, 2021 4:22 PM

S&P BSE Sensex fell 372 points or 0.62% to close at 59,636 while NSE Nifty 50 index dropped 134 points or 0.75% to settle at 17,765.

Nifty todayBears pulled Dalal Street lower for the third consecutive day on Thursday as Sensex Nifty ended deep in the red. (Image: REUTERS)

Bears pulled Dalal Street lower for the third consecutive day on Thursday as Sensex Nifty ended deep in the red. S&P BSE Sensex fell 372 points or 0.62% to close at 59,636 while NSE Nifty 50 index dropped 134 points or 0.75% to settle at 17,765. Mahindra & Mahindra was the worst-performing stock on Sensex, down 3.28%, followed by Tech Mahindra, HCL Technologies, and HCL Tech. On the other hand, State Bank of India was the top gainer, up 1.16%, followed by Power Grid, HDFC Bank, and Reliance Industries. Broader markets closed with losses as midcap and smallcap indices fared worse than benchmark peers. Bank Nifty ended 0.17% lower, giving up the 38,000 mark. India VIX closed with losses.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty fell for the third consecutive session. In the process, the Nifty logged a first weekly loss in three weeks. While equities still remain attractive due to negative real interest rates, a high equity risk premium and flows looking for real returns, the chart formation over the last few days suggest some more weakness before any reversal is seen. If the support of 17613 is breached, this down move can accelerate.”

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

“The markets bounced swiftly from around the 17600 level as that is the lower end of the current range and the short-term support for the Nifty. If we break that level, the short-term trend will turn down and the bears will take over. That could take the markets down to 17200. On the upside the resistance is at 18150 and until we do not get past that, the current range-bound movement will continue.”

Palak Kothari, Research Associate, Choice Broking-

“Technically, the index has given a breakdown of the rising trend line & given closing below 50 DMA, which suggests weakness for the next trading sessions. From the last four trading sessions, the index has been trading with lower highs & lower lows, which points out some corrections for the next trading session. However, the Index has taken support from the lower band of Bollinger, breaching below can show further downside. Furthermore, the index has given closing below 21 DMA as well as the Stochastic & MACD indicator is trading negative crossover, which points to weakness in the counter for the next trading sessions. At present, the index has a support level of 17650, while resistance is at 18000 levels.”

Gaurav Udani, CEO & Founder, ThincRedBlu Securities –

“Nifty after making a low of  17688 closed at 17740, down by 150 points since yesterday’s close. 17600 to 17550 should act as the next support range for Nifty. Traders are suggested to avoid buying falling markets and wait for Nifty to close above 18200 with higher than average volumes. Overall nifty is in the correction trend and we may see 17600-17550 levels in the next few trading sessions.”

Mohit Nigam, Head – PMS, Hem Securities –

“On the technical front 17,700 and 18,000 are near term support and resistance in Nifty 50 and for Bank Nifty, 37,680 may act as immediate support while 38,396 is seen as resistance level.”

Vinod Nair, Head of Research at Geojit Financial Services

“Weak listing of India’s largest IPO and soft global market amid rising inflation woes impacted domestic sentiment. In the context of a weak global market, contraction extended in metal and crude oil prices weighing down the Indian market. The auto sector was also under pressure as the industry reported weak festive sales numbers owing to poor demand for two-wheelers and supply shortage in semiconductors.”

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