Daily Market Analysis : Markets started the week with an uptick and ended marginally higher Says Mr. Ajit Mishra, Religare Broking
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Markets started the week with an uptick and ended marginally higher. Upbeat global cues combined with favourable earnings announcements triggered a gap-up start which further strengthened with renewed buying in the IT majors. However, profit taking in energy, banking and cement heavyweights trimmed the gains as the day progressed. Finally, the Nifty index settled at 18118.55%; up by 0.5%. Meanwhile, the broader indices traded mixed wherein select buying in the midcap space helped the index to end higher while smallcap closed unchanged.
Markets have been facing pressure on every uptick however rotational buying in select index majors is helping in establishing a higher base. Amid all, we reiterate our view to focus on the selection of stocks and prefer hedged positions until we see a decisive close above 18250 in Nifty.
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