Daily Market Analysis : Markets started the week on a feeble note and lost nearly half a percent, tracking weak global cues Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 13 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets started the week on a feeble note and lost nearly half a percent, tracking weak global cues. After the gap-down start, Nifty traded under pressure in the first hour however resilience in select heavyweights capped the decline as the session progressed. Eventually, it settled around 19443.55; down by 0.42%. Meanwhile, a mixed trend across the key sectors kept the traders occupied, wherein energy and metal closed higher while IT, FMCG and pharma were among the top losers. Amid all, the broader indices maintained their outperformance as the smallcap index gained over half a percent.
We are largely mirroring the US markets on the benchmark front however there is no shortage of stock-specific trading opportunities, thanks to prevailing outperformance of the broader indices and rotational buying across the sectors. We thus reiterate our view to focus more on stock selection and prefer long trades until the Nifty breaks 19,200.
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