Daily Market Analysis : Initially, there was an uptick, but pressure from certain heavyweights pushed the Nifty lower, leading to a range-bound movement until the end of the session 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
Following three days of rebound, the markets took a pause and closed nearly unchanged. Initially, there was an uptick, but pressure from certain heavyweights pushed the Nifty lower, leading to a range-bound movement until the end of the session. Meanwhile, a mixed trend prevailed on the sectoral front, with energy and realty sectors witnessing gains while FMCG and auto sectors ended in the red. However, the broader indices managed to post modest gains ranging from 0.5% to 1%.
We maintain our cautious outlook on the Nifty index, highlighting the resistance in the 22,300-22,400 zone, and suggest continuing with a stock-specific trading approach. In addition to domestic factors, it's advisable to closely monitor the US markets for cues.
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