Taking Stock | Market hit fresh high on third straight day led by metal, pharma stocks

Market closed at record high for the third straight day on November 11 on the back of positive development on COVID vaccine. The BSE Sensex ended 316.02 points or 0.73% higher at 43593.67, while Nifty rose 118.10 points or 0.93% at 12749.20.

"The markets are bullish with upbeat momentum. Traders can consider booking profits at regular intervals and updating their stop loss levels too. We have a strong support at 12450-12500. A buy on dips strategy is advised whenever there are intra day drops or corrective phases. A target of 13000-13100 over a period of time is likely," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Among sectors, the Nifty Pharma and Metal indices added over 3 percent each, while Nifty Infra, Auto, FMCG, IT indices gained 1 percent each. Nifty PSU Bank index was down 0.47 percent.

BSE midcap ended 0.77 percent higher, while smallcap index added 0.34 percent.

Tata Steel, Hindalco, Axis Bank, Eicher Motors and Dr Reddys Labs were among the top gainers on the Nifty, while losers included IndusInd Bank, Reliance Industries, Titan Company, Asian Paints and Britannia Industries.

Stocks & sectors

Sectorally, BSE Metals index rose 3.5 percent, and BSE Healthcare Index gained nearly 3 percent. BSE IT Index was up 2 percent.

A volume spike of more than 100 percent was seen in SAIL, Indraprastha Gas and BHEL.

Long buildup was seen in Hindalco, SAIL and Bajaj Finance while short buildup was seen in Bata, NMDC and Bharat Forge.

HDFC Bank, Kotak Mahindra Bank, Orchid Pharma and JSW Steel are among the stocks which touched their 52-week high on BSE.

Technical View

The Nifty formed a Bullish candle with long lower shadow on daily scale which indicates bulls are holding the tight grip in the market.

Nifty continued its higher high - higher lows formation for seven straight sessions and witnessed winning streak for eighth sessions in a row.

"Now it has to continue to hold above 12550 zones to witness an up move towards 12900-13000 zones while on the downside major support exists at 12430 zones," said Chandan Taparia of Motilal Oswal Financial Services told Moneycontrol.