Daily Market Analysis : Markets staged a recovery on the weekly expiry day and gained over half a percent Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 05 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Markets staged a recovery on the weekly expiry day and gained over half a percent. After the initial gap-up start, Nifty hovered in a narrow band till the end and finally settled at 19545.75 levels. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein auto and IT posted decent bounce. The market breadth also ended on the advancing side, thanks to an uptick in the smallcap index.
Participants shouldn’t read much into a single day rebound and wait for the Nifty to reclaim the short term moving average (20 EMA) for sustained recovery. At present, select IT majors are at the forefront while others are playing supportive roles on a rotational basis. We need improvement in the broader participation to change the market course. Amid all, it is prudent to keep a check on leveraged positions and prefer index majors over others.
Above views are of the author and not of the website kindly read disclaimer
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