Market started the November series on a weak note and ended lower for the third consecutive day dragged by the auto, bank and FMCG stocks.
At close, the Sensex was down 135.78 points, or 0.34%, at 39,614.07, and the Nifty was down 28.40 points, or 0.24%, at 11,642.40.
“The market broke October 29’s low of 11,600 and this makes the Nifty bearish in the short term. Ideally, it should fall further and touch 11,400-11,450 levels. The upside is capped at 11,900-11,950 so traders can consider a closing above those levels as a stop loss and initiate short positions for a target of 11,400,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Selling was witnessed in auto, bank and FMCG sectors, while Metal and Energy indices ended higher.
The S&P BSE midcap index outperform the main indices while the smallcap index edned flat.
The top losers on the Nifty included Bharti Airtel, Hero MotoCorp, Eicher Motors, Maruti Suzuki and HUL, while top gainers were Adani Ports, BPCL, Coal India, Sun Pharma and Tata Steel.
Also Read – Gainers & Losers: 10 stocks that moved the most on October 30
Stocks & sectors
Sectorally, the BSE Realty Index added 2 percent, while metal and Oil & Gas sectors up 1 percent each.
The BSE Auto index fell 1 percent, Bank Index down 0.9 percent and FMCG index was down 0.7 percent.
A volume spike of more than 100 percent was seen in Coforge, TVS Motor and Siemens.
Long buildup was seen in TVS Motor, Ambuja Cements and Godrej Properties, while short buildup was seen in Coforge, Bank of Baroda and Hero MotoCorp.
Berger Paints, Blue Dart, CG Power and SRF were among the stocks that hit a fresh 52-week high on the BSE.
The Nifty formed a High Wave candle with long upper and lower shadows indicating tug of war between the bulls and bears.
Index concluded the week lower by 2.37% and negating its higher lows formation of the last 4 weeks.
“Now it has to cross and hold above 11750-11777 zones to get the bull’s grip for a bounce towards 11900 then 12020 while on the downside major support exists at 11550-11500 zones,” Chandan Taparia of Motilal Oswal Financial Services told .