scorecardresearchMarket Wrap: Sensex, Nifty scale fresh closing peaks; mid, smallcaps outperform

Market Wrap: Sensex, Nifty scale fresh closing peaks; mid, smallcaps outperform

Updated: 25 Nov 2022, 04:13 PM IST

Sensex closed 21 points, or 0.03%, up at 62,293.64 and Nifty settled at 18,512.75, up 29 points, or 0.15%. Thus, both indices registered their fresh closing highs.

The Sensex ended flat on November 25.

The Sensex ended flat on November 25.

Frontline equity indices the Sensex and the Nifty ended at fresh closing highs on November 25 amid mixed global cues.

The gains, however, were slim as investors booked some profit at higher levels while concerns over rate hikes and global economic slowdown persisted.

Sensex hit its fresh all-time high of 62,447.73 in intraday trade while the Nifty scaled its fresh 52-week high of 18,534.90. However, both indices erased most gains and ended with minor gains.

Still, both indices registered their fresh closing highs as they had scaled closing peaks in the previous session too.

Sensex closed 21 points, or 0.03%, up at 62,293.64 and Nifty settled at 18,512.75, up 29 points, or 0.15%. Also, with this, the market benchmarks extended their winning run for the fourth consecutive session.

Mid and smallcaps outperformed their larger peers. The BSE Midcap index rose 0.77% while the Smallcap index clocked a gain of 0.69%.

Nifty Bank also hit its all-time high of 43,339.15 in intraday trade but failed to hold altitude and ended 0.21% lower at 42,983.95.

"After clocking record highs in the previous session, domestic indices traded with volatility amidst mixed global cues and rising crude prices. While FIIs turning net buyers is positive, the lack of fundamental triggers will limit the upside, keeping the market volatile in the short term. Rising Covid restrictions in China continue to negatively impact the global growth forecast," said Vinod Nair, Head of Research at Geojit Financial Services.

Shares of Reliance Industries, Wipro and Tech Mahindra ended as the top gainers while those of Nestle, Kotak Mahindra Bank and ICICI Bank closed as the top laggards in the Sensex index.

Among the sectoral indices, the Nifty Media index jumped 2.52%, followed by Nifty Realty which rose 1.17%. Auto and Oil & Gas indices rose almost a percent each.

Oil prices witnessed some gains but concerns over demand persisted due to a fresh rise in Covid cases in the world's largest oil importer China. Brent Crude traded near the $87 per barrel mark.

The rupee fell 6 paise to end at 81.69 per dollar.

For the week ended November 25, the Sensex, the Nifty and the Nifty Bank rose by a percent each while the BSE Midcap and Smallcap indices rose 2% each.

Technical views by experts

Apurva Sheth, Head of Market Perspectives, Samco Securities observed that the Nifty50, on the daily chart, is trading in a higher high higher bottom formation and the extended up-move in the prices indicates a strong bullish trend.

Sheth highlighted that in the recent minor throwback, prices have taken support near their 21-day exponential moving average and an instant rebound was seen after that.

"Now, the rule of polarity will be applied in Nifty where prior resistance will act as immediate support for the market. The momentum oscillator RSI (14), on the daily chart, has formed a bullish hidden divergence at 55 -60 levels and post that, the index started to move higher with further strength," said Sheth.

"The support for the index is placed near 18,250; any move below the same will extend the fall to 18,100. Similarly, on the higher side, 18,650 will be the immediate resistance, followed by 18,800," said Sheth.

As per Mohit Nigam, Fund Manager & Head - PMS, Hem Securities, immediate support and resistance for Nifty are 18,300 and 18,600 respectively while immediate support and resistance for Bank Nifty are 42,500 and 43,500 respectively.

Key market data

Active stocks
Volume shockers

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of MintGenie.

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First Published: 25 Nov 2022, 03:31 PM IST