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

Markets edged higher and gained nearly half a percent, in continuation of the prevailing trend. After the initial gap-up move, Nifty remained range bound for most of the session and finally settled at 22,753.80 levels. Meanwhile, the majority of sectors were aligned with the move wherein FMCG, metal and energy were among the top gainers. The broader indices also edged higher after two days of pause and gained in the range of 0.7%-0.9%.

The rotational buying across sectors combined with stability at the global front is helping the index to inch higher with every passing day. We are eyeing the 22,850-23,100 zone in Nifty ahead and expect the 22,350-22,500 zone would act as a strong support in case of any profit taking. The beginning of the earnings season would trigger stock-specific volatility ahead so participants should plan their positions accordingly. 

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