Highlights of the Stock Market: Ratings downgrade Adani shares; Sensex holds 80k, closes 100 points lower

Highlights of Tuesday's stock market close: The NSE Nifty 50 index fell below 24,200; small-cap companies beat the overall market, with the Nifty Smallcap100 closing 0.8% higher.

Highlights of the Stock Market on Tuesday, November 26, 2024: The benchmark equity indices closed Tuesday's session down, ending their two-day winning run. The BSE Sensex ended the day at 80,004.06, down 105.79 points, or 0.13 percent. During the session, the index fluctuated between 80,482.36 and 79,798.67.

Similarly, after peaking at 24,343.30 intraday, the NSE Nifty50 ended the day 27.40 points, or 0.11 percent, lower at 24,194.50.

Rating agencies Fitch and Moody's downgraded the outlook on many Group firms to "Negative," causing Adani Group shares to register losses of up to 7%. The companies that suffered the most were Adani Enterprises and Adani Green.

With losses reaching 4.02%, 27 of the 50 equities that make up the Nifty50 closed the day lower, led by Adani Enterprises, Adani Ports, Ultratech Cement, Bajaj Auto, and Sun Pharma. On the other hand, 23 companies had increases of up to 3.26 percent, including Infosys, Asian Paints, Britannia Industries, Bharat Electronics, and Shriram Finance.

The Nifty Smallcap100 index closed 0.82 percent higher, indicating that small-cap equities performed better than the overall market. In contrast, the Nifty Midcap 100 index ended Tuesday's trading session unchanged.

Highlights of the Stock Market LIVE CHANGES: In the near future, 24,350 will serve as a formidable barrier for the Nifty.
While Nifty Smallcap 100 beat Nifty, closing 0.82 percent higher, the index suffered profit selling after opening with a gap up and ended the day on a negative note at 24,195.

Technically speaking, the Nifty has developed a bearish belt hold pattern on its daily chart, indicating weakness. This pattern indicates that 24,350 will serve as the index's short-term strong resistance. The 21-day exponential moving average (DEMA) is very close to 24,070 on the downside.

Therefore, 24,070 will give the index instant support, followed by 24,000 in psychological support. Although the short-term trend is generally upward, traders should concentrate on booking profits and hold off on making a new breakout as long as the index remains below 24,350.

The Bank Nifty saw profit booking after opening with a gap higher and ended the day flat at 52,192 levels. Technically, the Bank Nifty shown weakness by forming a bearish belt hold pattern and failing to break through the key barrier between 52,500 and 52,580. This pattern indicates that weakness will persist as long as the index stays below 52,580. It is therefore recommended that traders book profits and hold off until there is a new breakout over 52,580.

Highlights of the Stock Market LIVE UPDATES: The Nifty50 is still trending upward in the near term.
For the second session in a row, the Nifty stayed range-bound, trapped between the 21 and 55 EMAs. The trend is still upward in the near term, and traders benefit from a "buy-on-dips" approach. At the lower end, 24,500 may serve as a significant resistance level and 23,950–24,000 as critical support levels. Another strong rise might be triggered with a clear move above 24,500.