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

Markets rebounded strongly this week, gaining over 2% after a recent decline. While Nifty saw early volatility, strength in banking and IT stocks propelled the index higher, later supported by other sectors. IT and realty outperformed, rising over 3% each, while broader indices participated but lagged the benchmark. 

State election results on Monday could influence the market’s direction, especially in the early hours. Nifty is nearing its immediate resistance at the 20 DEMA around 24,050. A decisive breakout could push it toward 24,350, but failure may trigger profit booking. Traders should maintain a stock-specific approach, focusing on IT and banking, which exhibit stronger momentum, while being selective in other sectors.

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