The Indian stock market experienced a notable recovery from its lows on Tuesday, November 05, with both the benchmark indices closing the session with positive gains. The surge came a day after the market recorded its worst intraday performance in a month. It is noteworthy that this recovery has happened just before the US Presidential elections to be held today.
According to Ajit Mishra, SVP, Research, Religare Broking Ltd., “The market managed to edge higher in a volatile session, and closed with gains of around one per cent. The tone was subdued in the first half, but helped by a sharp bounce in select heavyweights. Nifty eventually closed near session high of 24,213.30 Among key sectors, banking and metals led the way, while FMCG and IT indices also saw some relief, each up by about half a per cent. There was an increase of.
Bulls are working to defend the 24,000 level in Nifty amid the ongoing volatility, and a strong rally in banking majors has raised hopes of further recovery. However, with a key resistance zone around 24,400-24,500, the upside potential looks limited. A lot will depend on global cues, with all eyes on the US presidential election. “Traders are advised to maintain a defensive approach and keep position sizes under control until we see some stability.”
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