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Below the Comment on Market Closing Oct 30, 2026from Ajit Mishra, SVP – research, Religare Broking

" Markets traded with a positive bias on Friday, extending the previous session’s recovery as buying interest in select heavyweight stocks and earnings-driven optimism supported sentiment. The Nifty moved above the 23,000 mark, while the Sensex also advanced past the 74,000 level, reflecting some improvement in investor confidence.

The sectoral picture, however, remained mixed, with the majority of sectoral indices ending lower. Gains in IT and pharma stocks provided the necessary support to the benchmarks and helped them close in positive territory. Meanwhile, broader-market participation remained subdued following the recent rebound, with midcap and smallcap indices declining in the range of 1–2%, highlighting continued caution among investors.

Among the key factors, the uptick in Brent crude above $117 per barrel amid renewed fears of potential supply disruptions and escalating US-Iran tensions, capped the market’s upside. Weakness across Asian markets and overnight losses on Wall Street further contributed to the cautious undertone.

Apart from global developments, investors will closely track the ongoing earnings season for directional cues, with Reliance Industries’ results likely to remain a key trigger in early trade on Monday. Technically, the Nifty needs to sustain above 23,200 to strengthen the prospects of the next leg of recovery towards 23,500. On the downside, the 22,800–23,000 zone is likely to provide immediate support during any pullback. Despite improving momentum in select frontline stocks, elevated crude prices, geopolitical risks and subdued broader-market participation warrant caution. Traders should remain selective, avoid aggressive leverage and maintain disciplined risk management."

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