As per the BSE website, Indian Stock Market will remain closed on Monday to observe Guru Nanak Jayanti. The closure includes the equity segment, equity derivative segment, and the SLB (Security Lending and Borrowing) segment. While commodity markets will be closed for the morning session, they will reopen in the evening.
November 2023 has a total of 10 stock market holidays, including weekends.
Previous Session Recap: Decline in Indian Stock Market
In the last trading session, Indian Stock Market experienced a dip, primarily influenced by declines in technology and consumer goods stocks. The BSE Sensex slipped 48 points (0.07%) to close at 65,970, and the NSE Nifty moved down by 7 points (0.04%) to end at 19,795. However, mid and smallcap shares performed positively, with the Nifty Midcap 100 up 0.06% and Nifty Smallcap 100 rising 0.30%. The fear index, India VIX, edged 0.13% higher to the 11.33-level.
Sectoral Performance: Mixed Results
Among the 15 sectoral indices on NSE, five settled in the red. IT, Nifty FMCG, and Nifty Consumer Durables underperformed by falling 0.97%, 0.47%, and 0.47%, respectively. In contrast, Nifty Metal rose 0.67%, and Nifty Pharma gained 0.87%. Stocks such as HCL Tech, Wipro, TCS, Nestle India, Tech Mahindra, Tata Motors, Infosys, and IndusInd Bank fell by up to 1.55%, while CG Power, KPR Mill, Paytm, Manappuram Finance, Mahindra Finance, Indiabulls Real Estate, and Nippon Life India Asset Management saw declines of up to 6.57%. On the flip side, General Insurance Corporation of India, The New India Assurance Company, Life Insurance Corporation of India, and Data Patterns (India) surged up to 20%.
Market Breadth and Closing Figures
Out of 3,814 stocks that traded on BSE, 1,948 settled with losses, 1,752 ended higher, and 114 remained unchanged. The domestic markets will reopen on November 28.
Technical View: Nifty and Nifty Bank Outlook
Rupak De, Senior Technical Analyst at LKP Securities, provided insights into the technical outlook. For Nifty, he mentioned difficulty in surpassing the resistance range of 19,850-19,900. The index is expected to move sideways unless there’s a breakout. A decline below 19,700 could trigger a market correction, while a move above 19,900 might lead to a significant rally. Regarding Nifty Bank, De suggested a sideways sentiment in the short term, with 44,000 as a pivotal point. A move above this mark could trigger a substantial rally, while visible support resides around 43,500.
