Rally on the Street continues with Nifty above 12,900; auto, financials zoom

The record rally continued on the fourth consecutive session on November 18 mainly supported by the auto and financials stocks. The BSE Sensex added 227.34 points, or 0.52%, to end at 44,180.05, while Nifty rose 64.10 points, or 0.50% to close at 12,938.30.

The index was subdued for most of the day but moved up smartly in the last couple of hours. We inched closer to the magical 13,000 level but could not clinch it. It is only a matter of time that we see the Nifty trading at those levels. 13,000-13,100 is the next potential target but can also prove to be a stiff resistance for the markets,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Among sectors, the Nifty Auto and Nifty PSU Bank indices jumped 3 percent each. Nifty Bank Index rose 1 percent, while Nifty FMCG index shed 1 percent.

Broader markets outperformed the main indices with the BSE midcap jumped 1.2 percent, while smallcap index added 0.90 percent.

M&M, Tata Motors, Bajaj Finserv, L&T and IndusInd Bank were among major gainers on the Nifty, while losers included BPCL, HUL, Dr Reddy’s Labs, ITC and Titan Company.

Also Read – Gainers & Losers: 10 stocks that moved the most on November 18

Stocks & sectors

Sectorally, BSE Auto and Capital Goods indices gained 3 percent each, while BSE Bank rose 2 percent and Power index gained 1 percent each. However, BSE IT and FMCG indices shed 1 percent each.

A volume spike of more than 100 percent was seen in Tata Motors, M&M and Mahanagar Gas.

Long buildup was seen in Bata, Bank of Baroda and PNB while short buildup was seen in Wipro, Bosch and Torrent Power.

More than 100 stocks hit a fresh 52-week high today on the BSE, including Adani Gas, MRF and Ashok Leyland.

Technical View

The Nifty formed a Bullish Candle on daily scale and continues to form higher lows from the last three sessions.

It closed the day making a new high of 12948 yet again with gains of 63 points during the day.

“Now it has to continue to hold above 12800 zones to witness an up move towards 13000 and 13200 zones while on the downside major support exists at 12750 zones,” said Chandan Taparia of Motilal Oswal Financial Services told Moneycontrol.

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