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Below the Daily Market Analysis 26 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets extended rebound and gained nearly half a percent amid mixed cues.  After the initial up move, Nifty hovered in a narrow range and finally settled at 21,441.35 level. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein energy, metal and pharma were among the top gainers.  The broader indices also traded mixed as midcap gained over half a percent but smallcap index managed to close on a flat note.

We have reached closer to the hurdle of 21,500 in Nifty and need support from the banking index to make a serious attempt for trend resumption else profit taking would resume. Amid all, traders should avoid aggressive trades in the index and stay focused on identifying opportunities on stock-specific front. We reiterate our preference for defensive viz. Pharma and FMCG for long trades and suggest picking selectively from others.  

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