Daily Market Analysis : Markets are largely mirroring the rebound of the US markets and look set to test the hurdle at 19,500 in Nifty Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 06 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets started the week on a firm note and gained nearly a percent, in continuation of the recent rebound. After the gap-up start, Nifty oscillated in a narrow range for most of the day and finally settled around the day’s high at 19398 levels. All the key sectors contributed to the move wherein metal, energy and pharma gained over a percent each. The broader indices also traded in tandem and rose in the range of 0.9%-1.3%.
Markets are largely mirroring the rebound of the US markets and look set to test the hurdle at 19,500 in Nifty. Going ahead, sustainability of the positive tone on the global front combined with improved participation from the banking pack would be critical. Meanwhile, we maintain our view to stay focused on stock selection.
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