Market Analysis from HDFC Securities

Nifty Falls for Third Consecutive Day, November Series Ends with 0.2% Loss

The Nifty 50 extended its losing streak to a third consecutive session on November 25, declining by 74 points to close at 25,884. The index began on a positive note, driven by strong global cues and traded in a narrow range for most of the session. However, a sharp wave of selling post 2:15 PM dragged the Nifty down by nearly 175 points from its intraday high, closing near the day’s low. On the day of monthly expiry, NSE cash market turnover dropped 20% compared to the average volumes of the last ten days.

Among the Nifty constituents, Bharat Electronics Ltd (BEL), Hindalco Industries, and State Bank of India (SBI) were the major gainers. Conversely, Tata Motors Passenger Vehicle segment, Trent, and Infosys Ltd (INFY) faced selling pressure and closed as the day’s major laggards.

Sectoral performance was mixed with Realty, PSU Banks, and Metals ending as major gainers, while Media, IT, and Consumer Durables sectors closed lower. The broader market outperformed the benchmark indices, with the Nifty Midcap 100 rising 0.36% and the Nifty Smallcap 100 broke its five-day losing streak by gaining 0.19%.

Market breadth turned positive after eight days, with advancers slightly outnumbering decliners. Advance-decline ratio on BSE stood at 1.01.

Nifty has closed very near to its previous swing low of 25856 and near to its 20 DEMA placed at 25838. A decisive close below 25838 could mark a short-term trend reversal from bullish to bearish, potentially paving the way for a decline towards the next support near 25,740. On the upside, the zone between 26,000 and 26,050 is likely to act as a strong resistance area in the near term.

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