Daily Market Analysis : Markets took a breather after three days of successive falls and gained nearly a percent. After the gap-up start, Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 27 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets took a breather after three days of successive falls and gained nearly a percent. After the gap-up start, Nifty gradually inched higher as the session progressed and finally settled at 19,047.25 levels. Mostly sectors contributed to the move wherein realty, energy and financials were among the top performers. The broader indices also participated in the rebound and gained in the range of 1.5%-2%.
Nifty has respected the support zone of long term moving average i.e. 200 EMA and witnessed a rebound on expected lines however participants shouldn’t read much into a single-day recovery. The earlier support zone i.e. 19200-19300 would act as a hurdle in case of further rebound. Weakness in heavyweights especially from the banking pack combined with feeble global markets would continue to weigh on the sentiment. We thus suggest utilizing a rebound to reduce longs and wait for clarity.
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