Daily Market Analysis : Markets plunged sharply today, losing nearly 6% and erasing the gains of the past four months Says Mr. Ajit Mishra, Religare Broking Ltd
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Below the Quote on Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
Markets plunged sharply today, losing nearly 6% and erasing the gains of the past four months. After an initial drop, the Nifty continued to decline, almost retesting its major support zone at the long-term moving average of 200 DEMA around 21,280. However, some recovery in the latter half of the session pared losses, and the index finally settled at 21,844.50. All key sectors, except FMCG, experienced significant losses, with PSUs, energy, and metals being the hardest hit. The broader indices also suffered, each losing around 8%.
Following this sharp decline, we expect continued choppiness, so participants should limit their trades and wait for stability. Investors, however, can use this opportunity to accumulate quality stocks available at good bargains.
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