Share Market Highlights: Sensex ends at 58,340 after bears haunt D-St again, Nifty closes at 17,415; Paytm jumps 17%

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Updated: November 24, 2021 4:38:20 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bears revisited Dalal Street during the dying hour of trade on Wednesday, forcing Sensex, Nifty to close deep in the red.

Share Market Today, Share Market LiveIndia VIX closed deep in red. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic markets failed to continue yesterday’s positive market momentum and closed with losses. S&P BSE Sensex gave up intraday gains during the dying hour of trade to close 323 points or 0.55% lower at 58,340 while NSE Nifty 50 ended 88.3 points or 0.5% down at 17,415. Bank Nifty managed to hold on to gains and ended 0.45% higher. Broader markets, except Nifty small-cap indices, closed with losses. ICICI Bank, Kotak Mahindra Bank, and NTPC were among the top gainers soaring more than 1%. Maruti Suzuki India was down 2.6% as the worst Sensex performer, followed by Infosys, ITC and Reliance Industries.

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Highlights

    16:32 (IST)24 Nov 2021
    Sensex tanks as bears revisit Dalal Street, Nifty needs to cross 17600-17650 for further upside

    Bears came back to haunt domestic markets during the dying hour of trade amid mixed global cues. S&P BSE Sensex gave up intraday gains to close 323 points or 0.55% lower at 58,340 while NSE Nifty 50 ended 88.3 points or 0.5% down at 17,415. ICICI Bank, Kotak Mahindra Bank, and NTPC were among the top gainers soaring more than 1%. Maruti Suzuki India was down 2.6% as the worst Sensex performer, followed by Infosys, ITC and Reliance Industries. Broader markets, except Nifty small-cap indices, closed with losses. Bank Nifty managed to hold on to gains and ended 0.45% higher. 

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    15:33 (IST)24 Nov 2021
    CLOSING BELL

    Bears revisited Dalal Street during the dying hour of trade on Wednesday, forcing Sensex, Nifty to close deep in the red. Bank Nifty closed 0.45% higher while India VIX ended 5% lower.

    15:22 (IST)24 Nov 2021
    Bears revisit Dalal Street

    Bears revisited Dalal Street in the dying hour of trade, sending Sensex and Nifty deep into the negative territory.. Nifty was hovering around 17,400.

    13:47 (IST)24 Nov 2021
    Remain bearish, don't hurry

    17550 – 17650 is to be seen as stiff hurdle and ideally it would be a prudent ploy to lighten up longs if Nifty extends yesterday’s bounce back. On the flipside, 17200 has now become sacrosanct support for the Nifty. Although we expect it to be breached soon, it would be difficult to take a call whether it will happen in next two days as we are approaching the November expiry.

    Our inclination remains on the bearish side and hence, it’s advisable not to be in a hurry to do any kind of bottom fishing at this juncture. The midcap index too had a sharp recovery but if we take a glance at the daily time frame chart, we can see it giving a precise pull back towards its trend line breakdown point. Such recoveries should be used to lighten up longs.

    ~ Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

    12:37 (IST)24 Nov 2021
    52-week highs, 52-week lows: Bharti Airtel among 183 stocks to hit new highs on BSE; 13 shares at new lows

    Domestic benchmark indices were up with gains on Wednesday with S&P BSE Sensex sitting above 58,800, gaining 0.25% while the Nifty 50 was hovering around 17,550, up 0.30%. Bank Nifty was also up with gains, zooming more than 1% to regain the 37,700 mark. Midcap and smallcap indices outperformed the benchmarks. Amid the positive market momentum, a total of 80 stocks hit their 52-week high values on NSE while 183 stocks reached their 52-week highs on BSE. Among the big names to have soared to fresh highs included Bharti Airtel, Adani Enterprises, and Adani Green Energy. 

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    11:41 (IST)24 Nov 2021
    Sensex, Nifty trim gains

    Sensex and Nifty were down from highs but still in the green on Wednesday. Sensex was up 100 points around 58770 while Nifty 50 was just shy of 17550.

    11:23 (IST)24 Nov 2021
    Paytm Money launches Margin Pledge feature

    Paytm Money has launched the Margin Pledge feature, enabling users to access new trading opportunities by leveraging their existing portfolios. The feature allows users to pledge their stocks to the broker in return for a collateral margin with just a few clicks. Margin received can be utilized for trading in stocks, ETFs, futures, and options. Paytm share price was up 6% on Wednesday extending yesterday's gains.

    11:22 (IST)24 Nov 2021
    Improvement in market breadth

    "Markets witnessing fresh buying along with improvement in market breadth. There may be some whipsaw movement before tomorrow’s expiry but immediate Target seen at 17,800," said Rahul Sharma, Director & Head - Research, JM Financial.

    11:02 (IST)24 Nov 2021
    Rakesh Jhunjhunwala owned Star Health Insurance IPO to open Nov 30; check issue size, price, other details

    Rakesh Jhunjhunwala backed Star Health and Allied Insurance Company’s Rs 7,249 crore IPO will hit Dalal Street on November 30 next week. The company, on Wednesday, announced that it has fixed the price band at Rs 870-900 per share. The IPO will be a mix of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders of the company. Star Health and Allied Insurance company is owned by a consortium of investors including Safecrop Investments India LLP, WestBridge AIF I, and big bull Rakesh Jhunjhunwala. The issue will close on December 2.

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    10:48 (IST)24 Nov 2021
    Nifty needs to zoom past 17550 convincingly

    Yesterday’s bounce back having stalled near 17500 on anticipated lines, we will look for a push above 17550 region to seek bullish confirmation, in which case 18000 could be aimed for. However, patterns do not appear ready to launch Nifty towards this right away, and the favoured view sees hurdles in the 17620-750 region. If Nifty is unable to push much above 17550, early in the day, expect a consolidation inside the 17500- 17395 region. Collapse prospects remain low for now.

    ~ Geojit Financial Services

    09:57 (IST)24 Nov 2021
    Bank Nifty in green

    Bank Nifty was up 0.5% on Wednesday morning, sitting at 37,462 points. Benchmark indices were also up in the green.

    09:21 (IST)24 Nov 2021
    Expect volatility

    "We expect volatility to remain elevated for few sessions wherein dips in Nifty towards 17100-16900 zone would attract buying demand and higher base being formed," said ICICI Direct. India VIX, the volatility gauge was down 10% on opening bell.

    09:19 (IST)24 Nov 2021
    Sensex, Nifty give up gains

    Sensex and Nifty gave up marginal opening gains to trade flat, moving between gains and losses. India VIX was 8% down.

    09:18 (IST)24 Nov 2021
    OPENING BELL

    Domestic benchmark indices opened for Wednesday’s trade with marginal gains. India VIX was deep in red.

    09:13 (IST)24 Nov 2021
    Nifty 50 resistance at 17800

    "Nifty finds support around 17216 while 17800 will act as resistance. Bank Nifty finds support around 36900 while 37900 will act as resistance on the upside," said - IIFL Securities

    09:12 (IST)24 Nov 2021
    Nifty 50 resistance at 17650; Bank Nifty resistance at 37600

    On November 23, 2021, Foreign institutional investors done net selling of worth Rs 4,477.06 crore, while domestic institutional investors did net  buying of worth Rs 1,412.05 crore in the Indian equity market.On the technical front, the key resistance levels for Nifty50 are 17650 followed by 17,750 and on the downside 17,300 followed by 17,100 can act as strong support. Key Resistance for Bank Nifty is 37600 and support is 36800.

    ~ Mohit Nigam, Head - PMS, Hem Securities

    09:09 (IST)24 Nov 2021
    Pullback may continue

    "In the coming session, Nifty is likely to open on a positive note tracking firm global cues. We expect the index to continue with its previous session pullback and trade with positive bias. Hence after a positive opening use intraday dips towards 17488-17512 for creating long position for target of 17598." ~ ICICI Direct

    09:04 (IST)24 Nov 2021
    Nifty 50 turns green

    Sensex was down from initial pre-open highs, but still in green while Nifty 50 was trading flat with positive bias.

    09:01 (IST)24 Nov 2021
    Pre-Open

    Sensex zooms past the 59,000 mark in the pre-open session while Nifty 50 was below 17400 as benchmark indices moved in either direction. 

    08:59 (IST)24 Nov 2021
    Follow up buying needed

    "We may see a positive start today but follow up buying along with good market breadth is a must for it to confirm a reversal. Failing to do so we may see a support area of 17,200-17,125 being tested. Resistance Levels are seen at 17,553 and 17,640," said Rahul Sharma, Director & Head - Research, JM Financial.

    08:51 (IST)24 Nov 2021
    Nifty trend still weak, but pullback rally may extend to 17600-17650; buy these 4 stocks for gains

    The benchmark indices witnessed a sharp recovery rally, after a volatile trading session the Nifty ends 68 points higher while the Sensex was up by 141 points. After a weak opening,  finally the Nifty took the support near 17200/57700 and reversed sharply. Among sectors, strong buying interest was seen in Metal stocks, as a result, the Nifty Metal index rallied nearly 3.5 percent. 

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    08:39 (IST)24 Nov 2021
    Nifty set to open with gains

    "Nifty is expected to open positive at 17560, up by 60 points. Nifty will face resistance in the 17600-17650 range. Overall the trend in Nifty is weak and traders are suggested to exit long positions either on rallies or with strict stop-loss. Nifty has strong support in the 17200-17250 range." said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

    08:32 (IST)24 Nov 2021
    Vodafone Idea, Reliance Industries, Vedanta, ZEE, Latent View Analytics among stocks in focus today

    On the technical front, chartists say, domestic markets are still not out of the bearish grip and advise trading with extreme caution. “While we closed in the green, it cannot be summarized that we are out of the bearish woods. The Nifty would need to get past the 17800-17900 levels to restart the upward trajectory,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. He added that until said levels are crossed, markets are sensitive to price and volume and a little shift in the sentiment can result in a downward spiral which can take the index to 16900-17000. 

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    08:24 (IST)24 Nov 2021
    Reiterate bullish stance

    “Structurally, our view remains bullish on the Indian equities. However, in the near term, there are signs of some exhaustion in the equity rally after the ferocious rise seen over the past few months. FII inflows have also paused after hefty buying in August and September. This can be attributed to expectations of faster than expected normalisation of the Fed’s monetary policy. Recent FII outflows can also be seen as a year-end phenomenon, but the flows are expected to return next year. There is pressure on a few heavyweights like Reliance, which is dragging the benchmark index down. Having said that the correction which we have seen in Nifty and Sensex is of a lower magnitude when compared with the base levels during the past. So, the hue and cry over the ongoing correction seem to be overblown. Nevertheless, the markets are certainly taking a pause and the correction could extend by another 5%. On the broader perspective, we reiterate our bullish stance, with our positive rationale very much in place. We see Nifty during 2022 at much higher levels than 2021.”

    ~ Amar Ambani, Head – Institutional Equities, YES SECURITIES

    08:01 (IST)24 Nov 2021
    Stiff hurdle around 17550-17650 zone

    “Index witnessed some pullback and closed a day at 17503 with gains of half percent & formed bullish candle after five consecutive red candles. The index has formed stiff hurdle around 17550-17650 zone & logs need to watch said levels carefully if nifty managed to sustain above 17650 zone then one can expect a good pullback towards 17800-18000 mark but if it fails to sustain again we may see profit booking which can push index towards support zone of 17400-17300 zone.”

    ~ Rohit Singre, Senior Technical Analyst at LKP Securities

    08:00 (IST)24 Nov 2021
    SGX Nifty gains

    SGX NIfty was up 60 points ahead of the opening bell on Wednesday, hinting at a positive opening for domestic equities. 

    07:59 (IST)24 Nov 2021
    Not out of bearish woods

    "While we closed in the green, it cannot be summarized that we are out of the bearish woods. The Nifty would need to get past the 17800-17900 levels to restart the upward trajectory. Until then the markets are sensitive to price and volume and a little shift in the sentiment can result in a downward spiral which can take the index to 16900-17000. Extreme caution is advised as we are in volatile times," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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