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While the seasonality aspect for the month hasnt been very strong with the index giving negative returns in 5 out of the last 10 November months, the period from Navratri to Diwali Muhurat trading session has generally been positive for the markets.
From the Sensex pack, Bajaj Finance and Bajaj Finserv were the top gainers. Kotak Bank, Asian Paints, and UltraTech Cement also closed higher. On the other hand, Infosys, M&M, Wipro, TCS, and Sun Pharma closed in the red
PSU banks and mid and small-caps were the worst hit due to stretched valuations and concern over moderation in yields. Rising oil prices and erratic rainfall further led investors to stay cautious in...
Though the private sector bank is down by over 12% from its May highs, it is showing signs of momentum. After hitting a record high on 31 May 2023, the stock failed to hold on to the momentum. It found support above Rs 1820 levels, but that got breached and the stock eventually got support above Rs 1750 levels on daily charts
"Profit-booking was observed in August, with the bears dominating the market. Following the stunning run in recent months, the majority of short-term technical indicators had previously indicated that the markets will experience a period of momentum loss and exhaustion. As a result, it did not come as a surprise to investors looking for ways to profit from the upswing."