Daily Market Analysis : Broader indices also moved higher, posting gains between 2.5% and 3.3% Says Mr. Ajit Mishra, Religare Broking Ltd
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Below the Quote on Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
Markets started the week strongly, gaining over 3% primarily due to exit poll numbers indicating political stability. Following a sharp gap-up, the Nifty steadily climbed throughout the day, closing near the day’s high at 23,263.90. All major sectors, except IT, contributed to the rise, with banking and metal sectors leading the gains. Broader indices also moved higher, posting gains between 2.5% and 3.3%.
As we await the official election results, significant volatility is expected. The index has now established a base in the 22,600-22,800 range, and a decisive close above 23,400 could drive it towards the 24,000 mark. While most sectors are supporting the market's rise, the IT sector continues to struggle. Traders should prioritize careful stock selection and effective risk management in their strategies.
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