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Below the Market Analysis 15 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets made a firm start and gained over a percent, tracking upbeat global cues. After the gap-up start, Nifty remained in a narrow range in the first half however buying in select heavyweights pushed the index higher as the session progressed. Consequently, it settled around the day’s high at 19675.45 levels. All sectors participated in the move wherein realty, IT and auto were among the top performers. The broader indices also traded in sync and gained nearly a percent each.

Nifty has decisively crossed the trend line hurdle and looks set to test 19850 now. Interestingly, noticeable contributions from heavyweights like Reliance, Infosys and TCS, which were on the sidelines, largely fuelled the up move. And, we expect their participation to continue thus reiterating our view to maintain a “buy on dips” approach and focus on stock selection. 

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