Daily Market Analysis : After the initial downtick, the Nifty oscillated in a narrow band and finally settled at 20,901.15 levels Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 07 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets consolidated in a range after the recent surge and ended almost unchanged. After the initial downtick, the Nifty oscillated in a narrow band and finally settled at 20,901.15 levels. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein energy and pharma posted decent gains while FMCG and metal settled lower. Amid all, the market breadth was inclined on the advancing side, thanks to the upbeat midcap and smallcap pack.
The overbought reading in the index may result in further consolidation however the bias would remain on the positive side. We suggest maintaining focus on stock selection and using intermediate dips to gradually add quality names. Apart from the domestic factors, traders should keep a close eye on the performance of the US markets for cues.
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