Indian benchmarks Sensex and Nifty kicked off the Muhurat trading session for Samvat 2081 on a high note this November 1, buoyed by broad-based buying across sectors. After delivering a solid 25 percent return in Samvat 2080, analysts are eyeing a potential breakout as Nifty targets the 24,400 mark, signaling room for fresh momentum ahead.
"If Nifty succeeds to trade above 24,200, then we could see a sharp technical bounce back till 24,300. Further upside may also continue which could lift the market till 24,400," said Shrikant Chouhan, Head-Equity Research, Kotak Securities.
On the other hand, Rajesh Bhosale, Equity Technical Analyst, Angel One believes that the Nifty's decisive close above 24,500-24,600 should be considered by investors before taking aggressive positions. Conversely, a breach below support range of 24,100–24,000 could trigger further weakness, he added.
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A broad-based buying was witnessed across sectors, while India VIX, which gauges volatility for the near-term spiked by 2 percent to 15 levels. Nifty Realty index was the top performer, surging over 2 percent, followed by Nifty Auto and Nifty PSU Bank indices as well.
Broader markets also joined the positive momentum, with BSE Midcap and BSE Smallcap indices rising a percent each, outperforming benchmark indices.
Among individual stocks, M&M, Tata Motors, Eicher Motors led the top Nifty 50 list, reacting to their October sales figures. On the contrary, only 2 stocks remained in Nifty 50 laggards list - Dr Reddy's and Grasim.
Going ahead, valuation concerns, FII selloff, and Q2 earnings season will continue to dictate market trends, noted VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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