Below Is the View On the market gist for today By Jayant Manglik, Presidentt - Retail Sales, Religare Securities.
Nifty started the week on feeble note and lost nearly a percent, pressurized by weak local cues and lingering geo-political tension. It opened with a downtick and remained under pressure till the end; except occasional bounce in between. Mostly sectoral indices closed traded in line with the benchmark index and ended lower.
We're seeing mixed signals, on both domestic anda global front, causing excessive volatility. The recent divergence between the Nifty and Banknifty is adding to uncertainty. In short, traders have no option but to align their positions accordingly and prefer only hedged positions. Nifty has breached 10250 today and the next major support lies at 10100.
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