The opened on a positive note on Wednesday, with the rising 514.06 points or 0.61 per cent to 84,385.38 and the gaining 151.00 points or 0.59 per cent to 25,845.95 in early trade. The Sensex had closed at 83,871.32 on Tuesday and opened at 84,238.86 today, while the Nifty closed at 25,694.95 and opened at 25,834.30.
“The benchmark Sensex and Nifty indices are expected to open on a positive note on November 12, following GIFT Nifty trends indicating a gains of 140 points for the broader index,” said Hardik Matalia, Derivative Analyst at Choice Equity Broking Private Limited. The opening gains aligned with his projections as global markets remained positive overnight.
emerged as the top gainer on the Nifty50, surging 2.73 per cent to ₹2,431.50 from its previous close of ₹2,366.80. followed with a gain of 1.94 per cent, trading at ₹254.30 compared to its previous close of ₹249.45. The energy sector witnessed strong buying interest in early trade.
The information technology sector also contributed to the rally, with advancing 1.51 per cent to ₹3,093.00 from ₹3,047.00, and rising 1.48 per cent to ₹1,428.80 from ₹1,408.00. gained 1.52 per cent, moving to ₹310.45 from ₹305.80.
On the losing side, declined 0.84 per cent to ₹825.30 from its previous close of ₹832.30, leading the laggards. slipped 0.49 per cent to ₹8,851.00 from ₹8,895.00, while dropped 0.41 per cent to ₹1,989.20 from ₹1,997.30. and also witnessed minor declines of 0.41 per cent and 0.40 per cent, trading at ₹7,470.50 and ₹1,186.70 respectively.
“After a positive opening, Nifty can find support at 25,800 followed by 25,750 and 25,700. On the higher side, 25,850 can be an immediate resistance, followed by 25,900 and 26,000,” Matalia noted, providing key levels for traders to watch during the session.
Foreign Institutional Investors continued their selling streak for the second consecutive day on November 11, offloading equities worth ₹803 crore. However, Domestic Institutional Investors maintained their buying momentum this month, purchasing equities worth ₹2,188 crore on the same day, providing crucial support to the markets.
“The Nifty 50 index opened on a flat note and witnessed selling pressure soon after the opening. However, the index took intraday support near the 25,450 mark and witnessed a strong pullback, eventually ending the session on a positive note near the 25,700 level,” Matalia said, referring to Monday’s trading pattern.
The India VIX, which measures market volatility, rose 1.54 per cent on Monday and is currently trading at 12.49, indicating cautious sentiment among market participants. “On the daily chart, a positive hammer pattern has formed, indicating buying interest emerging from lower levels,” Matalia added.
“Considering the current setup, a buy on dips strategy is advisable while maintaining strict stop-loss levels to manage risk effectively,” he advised investors navigating the current market conditions.