IGI Logo

Below the Market Analysis 23 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

It turned out to be a dull session as the benchmark ended unchanged after trading in a narrow band. After the initial uptick, Nifty slipped lower in no time and remained in a tight range till the end. A mixed trend continued on the sectoral front wherein realty, oil&gas and metal edged higher while pharma and IT  closed in the red. The broader trend also traded in sync wherein smallcap managed to gain over half a percent.

Nifty attempted to overcome the hurdle at 19850 but failed again due to divergence among the heavyweights. We maintain our positive view amid consolidation in the index and suggest continuing with a “buy on dips” approach. Traders should focus on sectors/themes that are attracting noticeable traction and avoid laggards. 

Above views are of the author and not of the website kindly read disclaimer