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Below the Market Analysis 30 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets extended rebound and gained nearly half a percent, in continuation to Friday’s move. After the initial fall, Nifty gradually inched higher as the session progressed and settled around the day’s high at 19,140.90 level. Meanwhile, the rebound in select heavyweights, especially from the energy and banking space, contributed the maximum while the broader indices closed almost unchanged.

Nifty has reached closer to its immediate hurdle i.e. 19,200-19300 zone and is likely to face pressure on the rise. Besides, the indications from the global indices are also not very conducive. We thus reiterate our view to keep a check on long positions and utilize rebound to create shorts as well. 

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