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

Market started the week with modest gains and hit new life highs, gaining over half a percent. After the gap-up opening, Nifty traded lackluster in the narrow range and finally closed around the opening range at 22462 levels. On the sectoral front, realty and metal performed well while FMCG and Auto traded subdued. The broader indices outperformed the benchmark, wherein smallcap gained over three percent while midcap closed higher by one and a half percent.

We are now eyeing 22,700 in nifty thus participants should maintain a “buy on dips” approach. We feel the participation of the banking pack would continue to play a critical role in maintaining the prevailing momentum, while others may play a supportive role on a rotational basis. Traders should maintain a stock-specific approach and focus on the stocks which are showing higher relative strength.

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