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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

The markets remained range-bound for the third consecutive session, closing slightly higher and continuing the ongoing consolidation phase. After an initial uptick, the Nifty traded within a narrow range during the first half. However, a late surge in select heavyweight stocks lifted the index, which eventually settled at 24,274.90. Sector-wise, the trend remained mixed, with energy and metal stocks leading the gains, while pharma and realty sectors showed minor weakness. Broader indices outperformed during the consolidation, registering gains of 0.7% to 1.35%.

The Nifty has demonstrated resilience throughout this consolidation phase, and the upcoming monthly expiry of November derivatives contracts on Thursday could potentially trigger a breakout above the 24,350 level, paving the way for a move toward 24,550. Notably, rotational buying in select heavyweight stocks across sectors is helping sustain a positive market sentiment. On the downside, a close below 24,100 could put pressure on the bulls and prolong the consolidation phase. In this environment, traders should prioritize prudent stock selection and effective trade management.

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