Daily Market Analysis : On the benchmark front, Nifty opened with an upside gap and hovered in a narrow range thereafter Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 21 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets managed to gain nearly half a percent amid volatility, thanks to firm global cues. On the benchmark front, Nifty opened with an upside gap and hovered in a narrow range thereafter. It inched towards the resistance zone of 19,850 but pressure in the banking and IT majors capped the upside and it finally settled at 19783.40 levels. The broader indices remained dull for the second day in a row however selective buying kept the traders busy.
We need participation from the banking majors to overcome the hurdle at 19,850 in Nifty else the consolidation phase will continue. Meanwhile, upbeat global cues, especially from the US markets, would continue to aid the positive tone. Traders should align their positions accordingly and stay focused on stock selection.
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