Below is the Views On Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets settled almost unchanged after hovering in a range, taking a pause after the recent dip. It opened marginally higher but the gains fizzled out in no time and it inched further lower. However, rebound in the select index majors in the latter half trimmed the losses. Meanwhile, a mixed trend was witnessed on the sectoral front wherein metals, energy and telecom ended with decent gains while auto, banks and IT traded under pressure.
The FM has been announcing the stimulus details for the last two days and hopefully, all the details will be out by Sunday i.e. May 17. It seems like markets are awaiting further details before making any reaction and we may see the possible response on Monday i.e. May 18. Besides, we probably have the new guidelines for the fourth phase of lockdown by then. Indications are pointing towards consolidation in the Nifty index wherein 8950 would act as a crucial support and 9300-9500 zone as hurdles. Amid all, we advise continuing with the stock-specific trading approach and suggest maintaining positions on both sides.
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