Stock market today: How should investors bet on 2024 US election results? Experts evaluate

The Indian stock market witnessed a significant recovery from its lows on Tuesday (November 5) and both benchmark indices closed the session with positive gains. This rebound came a day after the market recorded its worst intraday performance in a month. It is noteworthy that this recovery occurred just before the US presidential elections to be held today.

According to Ajit Mishra, Senior Vice President, Research, Religare Broking Ltd, “Markets managed to move a little higher in a volatile session and closed with a gain of almost one per cent. The tone was sluggish in the first half, but a sharp recovery in select heavyweights helped. Ultimately, Nifty rose to the session’s highest It closed at 24,213.30, which was the level of 24,213.30. Among the main sectors, banking and metal led the rise, while FMCG and IT indices also recorded some relief, with an increase of approximately half a percent.

Bulls are trying to defend the 24,000 level in Nifty amid ongoing volatility and a strong rally in banking majors has raised hopes of a further recovery. However, the upside potential seems limited and there is a significant resistance zone around 24,400-24,500. Much will depend on global clues, with all eyes on the US presidential election. “Investors are advised to maintain a hedging approach and keep their position sizes in check until they see some stabilization.”

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