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Below the Market Analysis 03 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets extended gains for yet another session and rose nearly half a percent. After the gap-up start, Nifty remained in a narrow range for most of the day and finally settled at 19,226.05 levels.  All sectors contributed to the move wherein realty, oil&gas and banking posted decent gains. The broader indices too traded upbeat and moved up in the range of 0.60%-1.00%.

Nifty has penetrated the resistance zone after two days of advance and tested the immediate hurdle of 100 EMA around 19,276 as well. We reiterate a cautious view on the index and suggest awaiting a decisive break above 19,400 for a sustained recovery else the up move would fizzle out. However, there is no shortage of stock-specific opportunities so traders should maintain their focus on stock selection.

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