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

Markets remained choppy for yet another day but managed to gain over half a percent.  Weak global cues triggered a gap-down start, followed by a muted move in the first half. However, gradual recovery in the heavyweights across sectors pared all the losses and also pushed the index in the green. Meanwhile, a mixed trend continued on the sectoral front wherein financials, metal and banking performed well while realty and pharma closed lower. The broader indices also traded mixed wherein midcap lost nearly half a percent.

The rebound has eased some pressure, after four successive days of decline but it is too early to assume that we are out of the woods. A decisive close above 22,300 in Nifty would pave the way for further recovery else profit taking may resume. Traders should maintain hedged positions citing the prevailing swings and wait for clarity. 

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