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Below the Market Analysis 29 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets edged strongly higher in response to yesterday’s breakout and gained over a percent. After the gap-up start, Nifty moved from strength to strength and settled around the day’s high at 20,096.60 levels. Most sectors participated in the rally however the highlight was the performance of the banking and financials majors, which contributed maximum to the gains. Besides, the broader indices too traded in tandem and gained nearly a percent each.

The strength in the banking index has helped Nifty to regain momentum and we expect the prevailing tone to continue. Nifty may take a breather around the previous record high i.e. 20,222.45 levels and then gradually inch toward the 20,500 level. We thus suggest focusing on quality large cap names from across sectors and picking selectively from the broader indices.

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