01-08-2024 04:11 PM | Source: Religare Broking Ltd
Daily Market Analysis : Markets edged higher amid a consolidation bias and closed slightly in the green 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 edged higher amid a consolidation bias and closed slightly in the green. On the benchmark front, Nifty crossed a new milestone of 25,000 in early trading, followed by a range-bound move until the end. Meanwhile, the sectoral trend remained mixed, with energy and healthcare posting decent gains, while realty and auto saw declines. Additionally, profit-taking in the broader indices kept traders on their toes.

Nifty is now approaching its immediate hurdle at 25,100 and will need fresh triggers to surpass this level. While buoyancy in the global markets, particularly in the US, is encouraging, the underperformance of banking majors is limiting momentum. We continue to advocate a "buy on dips" strategy, emphasizing careful stock selection.

 

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