Wednesday, Nov 13, 2019 | Last Update : 07:19 AM IST

11,500 is next level to watch out for

THE ASIAN AGE. | RAVI RANJAN PRASAD
Published : Oct 16, 2019, 12:58 am IST
Updated : Oct 16, 2019, 12:58 am IST

While the Sensex closed 0.76 per cent or 291.62 points up at 38,506.09, the broader Nifty-50 index closed 0.77 per cent up at 11,428.30.

The broader market indices closed mixed, BSE Mid Cap Index was up 0.72 per cent while BSE Small Cap Index lost 0.11 per cent.
 The broader market indices closed mixed, BSE Mid Cap Index was up 0.72 per cent while BSE Small Cap Index lost 0.11 per cent.

Led by sharp rally in the auto and auto part stocks, the market benchmarks, which traded in the green for the entire day, closed with gains of around 0.75 per cent.

While the Sensex closed 0.76 per cent or 291.62 points up at 38,506.09, the broader Nifty-50 index closed 0.77 per cent up at 11,428.30.  

The broader market indices closed mixed, BSE Mid Cap Index was up 0.72 per cent while BSE Small Cap Index lost 0.11 per cent.

On Tuesday, the FPIs continued with the buying spree and spurred buying the domestic institutions as well. As per the provisional data FPIs were net buyers of equities worth Rs 436.02 crore while the domestic institutions were net buyers by Rs 929.39 crore.

Among the sectoral indices BSE Auto index gained the most at 2.36 per cent, the other sectoral gainers were BSE FMCG (1.08 per cent), BSE Bankex (1.31 per cent), Metal (1.56 per cent) and Power (1.19 per cent).

Technical View
Indiabulls Venture’s Manav Chopra said, “We have remained contra bullish on the markets for some time. We continue our bullish stance on the index and believe the index is poised to test 11,700 zone on the upside. 11,100 seems to be the new base for the index.”

“Bank Nifty is steadily heading up and building a base for it to head higher. Above 28,850, Bank Nifty is likely to pick momentum and head higher towards 29,400 zone. The index is in process of building a strong base for itself and post the completion of the base building process the up move can be sharp,” Chopra said.

Kotak Securities’ Shrikant Chouhan said, “Nifty closed higher at 11,428 and Sensex at 38,506 levels. Despite early weakness in global markets, our markets managed to stay higher due to exceptional strength in FMCG, auto and private bank stocks. Thereafter, on account of specific positive news on tariffs, metal stocks kept momentum of the market intact. Next levels to watch out for are between  11,500/11,600.  Below 11400, Nifty would find support at 11340 and a close below the same would further weaken the sentiment. However, while looking at the market breadth and stocks specific performance, Nifty is more likely to hit the level of 11550 in the near term.”  


Market View
Geojit Financial Services’ Vinod Nair, said, “Green shoots from US-China trade talks added positivity while outperformance in domestic auto stocks in expectation of festival demand further lifted the sentiment. FIIs are net buyers in the last two days given stability in global market. Start of Q2 results is mixed but some tailwinds on future earnings outlook will help the market to maintain the momentum.”

Ajit Mishra vice president, Research, Religare Broking said, “The Indian markets witnessed healthy buying interest led by stable global markets. The on-going earnings season is likely to set the tone for the Indian markets as some of the heavyweights would be declaring their results this week.”

Tags: sensex