IGI Logo

Below the Market Analysis 28 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets started the holiday-shortened week on a firm note and gained nearly half a percent.  The tone was subdued for most of the session however a sharp surge in the final hour helped the Nifty to close around the day’s high at 19894 levels.  Mostly sectors, barring defensive viz. FMCG and pharma, participated in the move wherein energy, metal and auto were among the top gainers. The broader indices also edged higher and gained nearly half a percent each.

Nifty has finally surpassed the hurdle at 19850 and now we expect the index to inch toward a new high. Needless to say, the quantum of rise would depend upon the performance of the banking, which has also reached closer to its immediate hurdle. We reiterate our view to continue with the “buy on dips” approach and prefer stocks with relatively higher strength for fresh buying.

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