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

Markets continued with the range bound bias and ended almost unchanged.  After the gap-up start, Nifty oscillated in a narrow band and finally settled at 21,930.50 levels.  Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein realty and energy pack were among the top performers while IT and auto took a breather. The broader indices also managed to do well amid consolidation and gained nearly a percent each.

We maintain our positive stance amid consolidation and suggest continuing with a “buy on dips” approach until Nifty holds 21,600. However, participation from the banking and financial majors would be critical for trend resumption. Apart from the domestic factors, we suggest keeping a close eye on global markets for cues.

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