Early on D-Street | Major support for Nifty is seen at 11,780
Episode 1864, Nov 06, 2019, 01:30 AM
The S&P BSE Sensex closed above 40,200 while Nifty50 held onto 11900. The final tally on D-Street – the S&P BSE Sensex fell 53 points to 40,248 while the Nifty50 closed with losses of 24 points to 11,917 on Tuesday.
Sectorally, the action was seen in telecom and FMCG space while profit-taking was seen in consumer durables, healthcare, capital goods, and metal index.
In the broader market – the S&P BSE Mid-cap fell 1.13 percent while the S&P BSE Smallcap index was down 0.8 percent.
On the macro front, activity in India's dominant services industry contracted for a second consecutive month in October due to muted demand, a private business survey showed on November 5, driving business optimism to a near-three year low.
The big question in front of investors is --- have we topped out? Well, going by technical charts, there are signs of a slowdown in momentum but if the index manages to hold above crucial support levels such as 11880-11900, Nifty has a chance of hitting 12K.