Early on D-Street | Selling pressure to accelerate if Nifty closes below 11,850
Episode 1885, Nov 12, 2019, 01:56 PM
Indian market witnessed a volatile trading session on Monday but bulls managed to push the index back in green towards the close.
The final tally on D-Street – the S&P BSE Sensex rose 21 points to 40,345 while the Nifty50 closed 5 points higher at 11,913.
Going forward, technical experts are of the view that fresh shorting opportunity shall arise on a close below 11830 levels for a target close to 11,700 levels while a close above 12034 could put bulls back in the driver’s seat.
On the macro front, India’s industrial production shrank for the second consecutive month in September, lowest in almost 8 years. India's industrial output continued to stutter as it contracted 4.3 percent month-on-month (MoM) in September.
The rupee on Monday tumbled by 19 paise to a near one-month low of 71.47 against the US dollar as fresh concerns over US-China trade deal and Hong Kong unrest kept forex market participants edgy.
On the institutional front, FPIs were net buyers in Indian markets for Rs 664 cr while the DIIs were net sellers to the tune of Rs 245 cr, provisional data showed.