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Market Analysis 08 December 2023 by Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets remained in a range for most of the session and ended with marginal gains.  Nifty tested a new milestone of the “21000” mark in the early trades however profit taking in heavyweights trimmed the gains in the middle. The buoyancy in the IT majors combined with renewed buying in select private banking counters again shifted the bias in favor of bulls, which eventually helped the index to settle in green at 20,969.40 levels. After the days of outperformance, the broader indices were slightly on the back foot and ended lower.

The rotational buying across heavyweights is fueling the up move and we see the same trend to continue. In case of any dip, Nifty is likely to hold the 20,700-20,800 zone while profit-taking may reemerge around the 21,200 level. Amid all, traders should stay focused on stock selection and prefer banking and IT for long trades and pick selectively from others.

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