Fri Nov 01 13:10:00 UTC 2024: ## Nifty Faces Uncertainty as Samvat 2081 Begins: Expert Predicts Potential Dip

**Mumbai, India** – As the new Hindu calendar year, Samvat 2081, commences, market experts are predicting a challenging start for the Nifty index. Ashish Kyal, founder and CEO of Waves Strategy Advisors, believes the Nifty could breach its August low of 23,893 in November, potentially heading towards the 23,300 level.

Kyal, with over two decades of market experience, highlights the Nifty’s recent correction and the failed attempts to close above the 24,490 level as indicators of the bearish sentiment. He suggests a potential downside move towards 23,700 followed by 23,300, with an upside hurdle at 24,490.

While the Muhurat trading day on Friday is expected to see a positive opening, Kyal recommends a cautious approach, advising investors to sell on a break below 24,070.

**Nifty IT Index Shows Signs of Weakness**

The Nifty IT index has also raised concerns, breaking its support trendline after prolonged consolidation. Kyal advises caution as the index breached the 41,100 level, with the next crucial support located at 39,750. While the medium to long-term trend remains positive, a move above 41,500 would be needed to resume the positive trend.

**Top Picks for Laxmi Pujan:**

Kyal recommends Poly Medicure and Fortis Healthcare for the auspicious Muhurat trading day. Poly Medicure has demonstrated strength with a breakout from a rounding bottom pattern, with potential upside targets of Rs 3,300. Fortis Healthcare is showing signs of accumulation, and a break above Rs 630 could lead to further gains.

**Zomato and Larsen & Toubro**

Zomato is facing pressure, currently trading near its support zone around Rs 240. A daily close below this level could trigger further correction towards the 200-day EMA at Rs 212. Conversely, Larsen & Toubro (L&T) showed a strong rebound after its quarterly results, with the potential for further gains if it closes above Rs 3,650.

**Disclaimer:** The views expressed by experts in this article are their own and do not reflect the views of Moneycontrol.com. Always consult with a certified financial advisor before making any investment decisions.

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