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

"Markets experienced a sharp decline on Friday, shedding nearly one and a half percent as the corrective phase persisted. After a choppy start, the Nifty index steadily weakened throughout the day, breaching the critical support of its long-term moving average, the 200 DEMA. Selling pressure was evident across sectors, with realty, IT, and auto taking the hardest hits. Broader indices were also significantly impacted, registering losses between 2.2% and 3%.

As anticipated, declines in IT and banking heavyweights are adding to the market pressure, signaling potential challenges ahead. The November low around the 23,250 zone now emerges as the next key support, while the 23,850-24,000 range serves as a resistance zone for any recovery attempts. Traders should adjust their positions accordingly, maintaining a strong focus on risk management."

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