The Indian stock market showed a strong rebound last week, with the Nifty 50 climbing 2.59% and the Sensex gaining 1.6%. This recovery was driven by gains in pharmaceutical and IT stocks, lifting market sentiment ahead of Diwali.
Looking ahead to the week of November 2-6, experts anticipate range-bound trading due to volatility in oil prices, the US mid-term elections, and geopolitical tensions between the US and Iran. Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, noted that these factors are likely to keep market sentiment cautious.
The Nifty 50 formed a high wave candle, indicating higher highs and higher lows. Pabitro Mukherjee of Bajaj Broking explained that sustaining above Friday’s low of 22,905 could push the index towards 23,150-23,200 levels. Conversely, a breach below 22,900 might lead to consolidation between 22,900 and 22,600.
On Friday, the Nifty 50 closed 0.51% higher at 23,053.10 points, while the Sensex ended with a 0.42% gain at 74,459.53 points. Top gainers included Trent, IndiGo, Infosys, Apollo Hospital, Power Grid, and NTPC, while Shriram Finance, Nestle India, M&M, Jio Financial Services, Adani Ports, and Tata Steel were among the laggards.