Daily Market Analysis : Markets managed to inch higher in a volatile session, closing with nearly a one-percent gain Says Mr. Ajit Mishra, Religare Broking Ltd
Below the Quote on Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
Markets managed to inch higher in a volatile session, closing with nearly a one-percent gain. The tone was sluggish in the first half, but a sharp rebound in select heavyweights helped lift the index. Ultimately, the Nifty closed near the session's high at around 24,213.30. Among the major sectors, banking and metal led the gains, while FMCG and IT traded subdued. Broader indices also saw some relief, gaining nearly half a percent each.
The bulls are working to defend the 24,000 level in the Nifty amid ongoing choppiness, and a strong rally in banking majors has raised hopes for further recovery. However, upside potential appears limited, with a significant resistance zone around 24,400-24,500. Much will depend on global cues, with all eyes on the U.S. presidential election. Traders are advised to maintain a hedged approach and keep position sizes in check until we see some stability.
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