Sensex, Nifty end flat in choppy trade; metal, auto stocks shine

Broader markets performed in line with the benchmarks. The BSE midcap rose 0.9 percent and smallcap 0.8 percent.

In the highly volatile session on December 2 the benchmark indices recouped the intraday losses and ended with marginal change, with BSE Sensex ended 37.40 points, or 0.08 percent, lower at 44,618.04, while the Nifty was up 4.80 points, or 0.04 percent, at 13,113.80.

“The Nifty failed to get past the 13,150. It took support at the 13,000 level and jumped back to close above 13,100. The index needs to cross 13,150 to achieve the next target of 13,200-13,300. We must note that this zone can prove to be a stiff resistance where selling pressures can be witnessed,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

“On the downside, 12,950-13,000 is a good support and if we break that, we could see a slide of 150-200 points.”

Among sectors metal index added 2 percent and auto 1 percent, while selling was seen in the banking names.

Broader markets performed in line with the benchmarks. The BSE midcap rose 0.9 percent and smallcap 0.8 percent.

Kotak Mahindra Bank, HDFC Bank, HDFC, Shree Cements and Britannia Industries were among the major losers on the Nifty, while gainers included were GAIL, ONGC, Asian Paints, Titan Company and Adani Ports.

Also Read – Gainers & Losers: 10 stocks that moved the most on December 2

Stocks & sectors

The BSE realty index jumped 3 percent and metal index added 2 percent. BSE auto and Oil & Gas indices rose 1 percent each.

A volume spike of more than 100 percent was seen in Bharti Infratel, ICICI Prudential and SBI Life.

Long buildup was seen in Bharti Infratel, Tata Chemicals and NALCO, while short buildup was seen in HDFC Life, Canara Bank and Sun TV.

Apollo Tyres, DB Realty, JSW Steel were among the stocks to hit a 52-week high on the BSE.

Technical View

The Nifty formed a Doji candle on the daily scale with a long lower shadow, indicating that small declines were being bought in.

The index has been forming higher highs – higher lows for the last three sessions.

“Now, it has to continue to hold above 12,950 zones to witness an up move towards 13,250 levels, while on the downside, major support exists at 12,800 zones,” Chandan Taparia of Motilal Oswal Financial Services told .