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Below Quote Daily Market Analysis 01 November By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended gains for yet another session and rose over half a percent. After the initial gap-up start, Nifty oscillated in a range and finally settled closer to the day’s high to close at 18,145.40 levels. Most sectors contributed to the up move where IT, metal and pharma were among the top gainers. Amid all, the market breadth was inclined slightly on the advancing side, due to the underperformance of the smallcap pack.

Nifty has reclaimed the 18,100+ zone almost after seven months and it is likely to continue this tone however we can’t ignore the possibility of an intermediate pause or dip. Besides, the upcoming events viz. the outcome of the US Fed meet and MPC’s special meet will keep the volatility high. Participants should maintain the “buy on dips” approach and stick with the sectors which are participating in the move.

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