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Below the Market Analysis 1 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets edged higher for yet another session and gained over half a percent. Among the benchmark indices, Nifty made a new record high at 20,291.55 and finally settled at 20,267.90 levels. Most sectors contributed to the move wherein FMCG, realty and metal were among the top gainers. The broader indices too continued their positive trend and settled higher in the range of 0.50%-1.05%.

The rotational buying across the key sectors is helping the index to inch higher and we are now eyeing 20,500 in Nifty ahead. Apart from the domestic factors, upbeat global cues, especially the performance of the US markets, are further adding to the positivity. We thus recommend continuing with a “buy on dips” approach with a focus on stock selection. 

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