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Equity indices trade flat; banking, finance stocks subdued
Mumbai, November 27, 2020
The key Indian equity indices traded on a flat-to-negative note on Friday morning.
Subdued trade was witnessed in banking and finance stocks. However, healthy buying was seen in auto, healthcare and consumer durables stocks.
Around 10.30 a.m., the Sensex was trading at 44,200.14, lower by 59.60 points or 0.13 per cent from its previous close of 44,259.74.
It opened at 44,325.03 and has touched an intra-day high of 44,407.28 and a low of 44,106.62 points.
The Nifty50 on the National Stock Exchange was trading at 12,981.40, lower by 5.60 points or 0.04 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The resistance level for the Nifty is at 13,050 and if we can cross that, we could head to 13,200 by next week."
"A strong support lies at 12,800 and thereafter at 12,500. It is only post the breaking of 12,500 that we would consider a short term correction. Until then, the trend remains bullish with a strong upside momentum," he added.
Among the Sensex stocks, Bajaj Auto, NTPC and Bajaj Finance were the top gainers so far, while Power Grid Corporation, TCS and State Bank of India were the major losers.