The Nifty 50 advanced 0.63% to close at 23,960.60, aided by substantial foreign inflows of ₹18,661 crore across five of the last six trading sessions and an easing crude price near $103.20. Despite this momentum, the IT index retreated 1.50% following U.S. midterm election developments, and overbought signals may limit rapid upside beyond the 200-day moving average. Consequently, analysts are targeting specific opportunities such as Engineers India Limited and Indiabulls Limited based on chart breakouts and corporate catalysts.
Key points
The Nifty 50 faces immediate technical resistance at its 24,000 moving average, with down…: The Nifty 50 faces immediate technical resistance at its 24,000 moving average, with downside support established near 23,700.
Analysts warn that the index may consolidate soon as its relative strength index approach…: Analysts warn that the index may consolidate soon as its relative strength index approaches an overbought level of 68.55.
Indiabulls Limited was pitched at ₹31 with a ₹35 target due to a rebound from its 50-day…: Indiabulls Limited was pitched at ₹31 with a ₹35 target due to a rebound from its 50-day average and land monetisation plans.
Sources checked by our analysis pipeline: 1
Stock market recap: The Indian market closed higher for a fifth consecutive session. Nifty 50 gained 0.63% to end at 23,960.60, its day-high, after a weak start.
The main driver was the return of foreign institutional investors (FIIs), who bought shares worth ₹6,836 crore on 3 November and ₹18,661 crore over five of the last six trading sessions.
Brent crude oil prices easing to about $103.2, strong company earnings, and attractive large-cap valuations also supported the rally. A firmer rupee near 94.60 against the dollar helped further. Media (+5.15%), realty (+2.85%), metal (+2.80%), and energy (+2.17%) led the gains. Nifty IT (-1.50%) was the only sector to fall, as the US midterm results hit technology stocks across Asia.
Two stock recommendations by MarketSmith India:
Buy: Engineers India Limited (current price: ₹301)
- Why it’s recommended: Record order book and strong order inflows across refining, petrochemicals, fertilisers, infrastructure and overseas consultancy projects provide multi-year revenue visibility. Expansion into energy-transition opportunities such as green hydrogen, biofuels, and other emerging sectors, along with rising international business, supports long-term growth.
Indian benchmark indices extended their gains for a fifth consecutive day, buoyed by declining crude oil prices and continuous foreign institutional investments. Broad-based buying propelled the Nifty toward the 24,000 threshold, with midcap and smallcap segments decisively outpacing frontline stocks. Analysts are leveraging this sustained market momentum to target tactical opportunities across pharmaceutical, infrastructure, and financial shares.
Financial markets have paused their upward trajectory as participants evaluate the election results alongside wider economic conditions. Traders are taking time to digest recent political developments before committing to new positions. The pause reflects a cautious approach across the investment landscape as broader macroeconomic trends are weighed.
Domestic demand and client acquisition drove modest gains across Japanese service firms in October, even as persistent structural hurdles curbed long-term optimism. Business sentiment slumped to an eight-month low due to an ageing workforce and stubborn price pressures, leading to the slowest hiring rate in over a year. These mixed economic signals provide crucial data for the Bank of Japan as it weighs future interest rate hikes.