November 13, 2023 / 09:22 AM IST
Shrikant Chouhan, Head – Equity Research, Kotak Securities
On the day of Muhurat trading, the market opened on a high note and closed with a bullish trend. The market registered a rally of half a percent, due to a positive backdrop. Most indices closed with gains, exceptions were for small-cap and microcap indices, which closed with gains of more than one per cent. Technically, the market is cautiously inching towards the next barrier zone, which is between 19570 and 19670. This zone comprises the 50-day SMA and few retracement ratios.
We advise that weak long positions should be reduced between these levels. Short selling is advised only on negative reversal patterns. On the other hand, the previous resistance level 19,450 could be the first support level for the market, and below that, it could be 19,400. We suggest buying select stocks between 19,450 and 19,400, but it is necessary to have a stop loss at 19,300. The bank nifty managed to close above the levels of 43,900, however, it was a short session and we need further confirmation of the sustenance of the index above 43,900 that could send the index to 44,300 or 44,500 levels. Expect weakness below the level of 43,600.
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