Daily Market Analysis : It turned out to be a muted session on Friday as Nifty oscillated in a narrow range and ended almost unchanged Says Mr. Ajit Mishra,Religare Broking Ltd.
Below the Quote on Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
It turned out to be a muted session on Friday as Nifty oscillated in a narrow range and ended almost unchanged. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein realty, FMCG and banking were among the top performers while IT and energy traded dull. Besides, the continued traction on the broader front further supported the sentiment as both midcap and smallcap gained in the range of 0.5%-0.8%.
The recent consolidation in Nifty amid weak global cues indicates time-wise correction and traders should maintain a positive bias until the Nifty holds 22,200 level. However, stock selection is tricky in the prevailing scenario due to a mixed trend across sectors so traders should maintain extra caution on that part. Besides, one shouldn’t go overboard and restrict positions in quality midcap and smallcap names.
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