Daily Market Analysis : The tone was subdued from the beginning and Nifty remained under pressure till the end to finally close at 18988 levels Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 01 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets edged lower for the second consecutive session and lost nearly half a percent. The tone was subdued from the beginning and Nifty remained under pressure till the end to finally close at 18988 levels. Meanwhile, mixed trend on the sectoral front kept the traders busy wherein metal, IT and auto were among the losers while realty and pharma closed in the green. The broader indices showed resilience amid the negativity and managed to end on a flat note.
This decline reaffirms our negative view on the index and we suggest continuing with a “sell on rise” approach until Nifty decisively reclaims 19,400 or forms a reversal pattern. However, an intermediate rebound on the global front might cap the pace of fall. While the majority of sectors trading in sync with the benchmark, select stocks across sectors are still showing resilience. Traders should align their positions accordingly and focus more on stock selection.
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