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Below the Daily Market Analysis 28 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets continued to edge higher and gained nearly half a percent on the monthly expiry day.  After the initial uptick, Nifty inched gradually higher and finally settled around the day’s high at 21,756 levels.  Most of the sectors participated in the move wherein energy, FMCG and pharma were among the top performers.  The broader indices also extended gains and rose nearly half a percent each.

The rotational buying in heavyweights across sectors is helping the index to inch higher and we expect the same trend to continue. Besides, favorable global cues are further adding to the positivity. We thus reiterate our bullish view and suggest continuing with a “buy on dips” approach. 

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