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

Markets edged lower and lost over half a percent, in continuation to the prevailing downtrend.  The tone was negative from the beginning however buying in select heavyweights from IT and banking space capped the decline as the day progressed. Consequently, the Nifty index hovered in a range for most of the session and settled at 23,349.90 level. On the sectoral front, realty and IT performed well while energy, metal and FMCG closed in the red.

Markets have been gradually trending lower, though the pace of decline has moderated due to selective rebounds in heavyweight sectors, particularly IT and banking. Similarly, the broader indices are also under pressure but are currently finding support near their long-term moving average, the 200-day exponential moving average (DEMA). Traders are advised to adopt a cautious stance and prioritize a hedged approach to navigate the current market conditions.

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