09-10-2024 04:45 PM | Source: Religare Broking Ltd
Daily Market Analysis : Markets are grappling with challenges both domestically and globally, and the upcoming earnings season may increase volatility 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

 

Markets traded in a volatile manner and ended nearly flat, continuing the current corrective phase. While the session started on a positive note, selling pressure in select heavyweight stocks wiped out early gains as the day went on. The MPC meeting results were largely as expected, so they didn't spark much reaction in the market. Sectoral performance was mixed, with realty and pharma stocks rising, while FMCG and energy sectors saw declines. Interestingly, despite the volatility, broader indices outperformed, gaining between 1% and 1.3%.

Markets are grappling with challenges both domestically and globally, and the upcoming earnings season may increase volatility. As expected, Nifty struggled to break through the resistance zone of 25,150-25,300, and a breach of the recent low near 24,700 could trigger a fresh downward move. On a positive note, the strength in IT and pharma stocks is encouraging, but traders should remain cautious during this corrective phase and adopt a hedged strategy.

 

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