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

Markets extended rebound for the fourth successive session and gained over half a percent.  After the gap-up start, Nifty edged gradually higher and managed to reclaim the 22,000 mark.  The majority of sectors were aligned to the move wherein auto, realty and pharma were among the top gainers. The market breadth was also inclined towards the advancing side, thanks to continued buying in midcap and smallcap space.   

We suggest maintaining a positive yet cautious stance as Nifty is set to retest its record high. Needless to say, we need sustainability above 22,150 to end the consolidation and march towards the 22,500+ zone else profit taking may resume. Traders should keep a close watch on the banking index for cues while others may continue to play a supportive role on a rotational basis. Besides, the performance of the global indices, especially the US, will remain on their radar.

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