IGI Logo

Below the Quote on Daily market Analysis by Ajit Mishra, – SVP, Research, Religare Broking Ltd.

Markets opened the week on a positive note, gaining over half a percent, pausing after the recent decline. Following an initial dip, the Nifty recovered strongly, briefly testing the 24,500 resistance level in the first half; however, profit-taking in the latter half trimmed the day’s gains. Ultimately, it closed at 24,339.15, up by 0.6%. All major sectors contributed to the recovery, with metals, realty, and pharma among the top gainers. The broader indices also saw some relief, each gaining nearly a percent.

Participants should not read much into a single day rebound and await a decisive close above 24,500 to signal further recovery, as a failure to do so could lead to a resumption of the decline. Traders are advised to maintain a cautious approach, keeping positions balanced on both sides, with a focus on large-cap and mid-cap leaders while avoiding averaging down loss-making positions.

Above views are of the author and not of the website kindly read disclaimer