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Below are Views On Daily Market Analysis By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Nifty finally ended its 2-month long consolidation phase and tested a new milestone of “16,000” levels.  The bias was upbeat from the beginning and buying in select index majors pushed the benchmark higher as the day progressed. Further, short covering in the latter half triggered sharp momentum in the last hour of the trade. As a result, the Nifty closed around the day’s high at 16,131 levels; up by 1.6%. On the sector front, the majority of the indices ended in green except for media and metals. Amid all, the broader indices underperformed the benchmark and ended almost flat.

Markets have resumed trend after two months of the range-bound move so it’s unlikely to fade away anytime soon. However, the participation of the banking index would be the critical factor as that would decide the pace of rising from hereon. Nifty has the potential to test 16,300+ zone now. Traders should align their positions accordingly.

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