Daily Market Analysis : For the third consecutive day, markets remained within a narrow range and ended with slight gains Says Mr. Ajit Mishra, Religare Broking Ltd
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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
For the third consecutive day, markets remained within a narrow range and ended with slight gains. Following an initial uptick, Nifty rose during the early hours but gains were trimmed due to profit-taking in select heavyweights. It ultimately settled at 23,322.95, up by 0.2%. Sectoral trends were mixed, with energy, financials, and metals closing higher, while FMCG and auto sectors were subdued. Broader indices continued to show buoyancy, each gaining over a percent.
After three days of consolidation, markets are expected to react to the outcome of the US Fed meeting in early trades on Thursday, which could set the tone for the day. We anticipate Nifty to hold within the 23,000-23,100 zone in case of a dip, while the 23,600-23,800 zone may act as an immediate resistance. Amidst these conditions, we reiterate our recommendation to seek buying opportunities on dips, focusing on sectors and themes that are drawing consistent interest.
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