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Below the Daily Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Market extended gains and almost retested the record high, tracking favorable cues.  After the initial uptick, Nifty moved from strength to strength for most of the session however a sharp dip in the final hour trimmed the gains. Eventually, it settled at 22,326.90 level; up by 0.92%.  All the key sectors contributed to the move wherein metal, pharma and auto were among the top gainers. Meanwhile, the broader indices traded mixed but managed to end in the green.

The recent move indicates a change in tone but profit taking at record highs indicates caution at higher levels. We feel the alignment between the Nifty and banking majors would play a key role in setting the next directional move. Besides, global cues, especially from the US markets, will also be the focus. Amid all, we suggest continuing focus on stock selection, with a preference for the index majors and large midcaps. 

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