Daily Market Analysis : Markets experienced profit-taking and shed nearly a percent, erasing the gains of the previous trading session Says Mr. Ajit Mishra, Religare Broking Ltd
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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
Markets experienced profit-taking and shed nearly a percent, erasing the gains of the previous trading session. After a flat start, the Nifty gradually declined throughout the day, ultimately closing near the day's low at 24,530.90 level. Most sectors ended lower, with metals, realty, and energy being the top losers. The broader indices also faced pressure, dropping over 2% each.
This decline signals caution ahead of the Union Budget, as participants chose to book profits. We may see further dips in the Nifty, with the next crucial support at the 24,150 level, corresponding to the 20 DEMA. Traders are advised to avoid aggressive positions and opt for hedged trades. It is also recommended to focus on index majors rather than midcap and smallcap stocks for now.
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