Daily Market Analysis : Markets broke a 3-day consolidation phase with a sharp decline on the monthly expiry day, losing nearly 1.5% 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 broke a 3-day consolidation phase with a sharp decline on the monthly expiry day, losing nearly 1.5%. Early gains gave way to selling pressure in heavyweights, particularly IT and banking, dragging the indices lower. Most sectors closed in the red, with IT, auto, and financials leading the losses, while broader indices outperformed slightly, ending marginally positive.
Nifty struggled to breach the key resistance at 24,350 and slipped below its 20 DEMA, filling the gap on the daily chart. This suggests a likely consolidation phase ahead. Decline in key sectors like IT and banking adds to the negative sentiment. Traders are advised to remain cautious and focus on stock-specific opportunities until a clearer trend emerges.
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