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Below the Market Analysis 05 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets edged higher for yet another session and gained nearly a percent, in continuation of the prevailing up move.  After the initial surge, Nifty remained in a range for most of the session and settled around the day’s high at 20,855.10 levels.  Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein energy, metal and banking were among the top performers.  The broader indices too traded in sync and ended with modest gains.

The rotational buying across heavyweights is pushing the Nifty to a newer high despite the overbought reading and it is now heading towards a new milestone of the “21,000”+ mark. We recommend focusing on the stocks that were on the sidelines for some time and are likely to join the move now. At the same time, traders should keep on trailing stop losses in the existing trades to capitalize on the prevailing trend.

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