IGI Logo

Below the Market Analysis 16 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets edged higher and gained nearly half a percent, in continuation of Wednesday’s surge.  After the flat start, Nifty maintained a positive tone for most of the day however profit taking in the final hour trimmed the gains. Eventually, it settled at 19,765 levels; up by 0.46%. The majority of the sectors were aligned to the move wherein IT and realty were among the top performers. The broader indices maintained their outperformance and the midcap index made a new high as well.

Nifty tested the target zone of 19,850 in no time after the breakout and we expect a breather now. All sectors are participating in the move on a rotational basis however banking is still not performing on the expected lines. Amid all, we suggest focusing on pockets that are witnessing consistent interest and using intermediate dips to accumulate them. Needless to say, the prevailing buoyancy in midcap and smallcap packs is adding to the offerings so traders should plan their positions accordingly. 

Above views are of the author and not of the website kindly read disclaimer