Daily Market Analysis : Markets edged lower and lost over half a percent, in continuation to the prevailing trend Says Mr. Ajit Mishra, Religare Broking
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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 trend. After the flat start, the Nifty inched gradually lower as the day progressed and finally settled at 22,302 level. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein FMCG and IT edged higher while realty, metal and energy lost in the range of 2%-3.5%. The broader indices also witnessed pressure and lost over 2% each.
Nifty has finally slipped below the short term moving average i.e. 20 EMA and is likely to witness further decline to the next major support around the 22,150 level. While the majority of sectors are seeing pressure, defensive viz. FMCG, IT and pharma are showing resilience, traders should plan their trades accordingly.
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