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

Markets edged higher, gaining over half a percent, driven by favorable cues. Upbeat global markets and strength in banking majors led to a strong start, followed by a range-bound movement until the close. The Nifty index ultimately settled near the day’s high at 24,292.45, up by 0.7%. Most sectors contributed to the gains, with banking, metal, and FMCG being the top performers. Broader indices also moved higher, each gaining nearly a percent.

We remain positive and suggest continuing a “buy on dips” strategy, with the 23,800-24,000 zone as the new base for the Nifty index. Favorable global cues and rotational buying in heavyweights are expected to help Nifty test the 24,500 mark.

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