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Below the Daily Market Analysis 12 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets remained in a range for yet another session and lost nearly half a percent.  After the flat start, Nifty traded muted in the first half however profit taking in heavyweights pushed the index lower as the day progressed. It eventually settled closer to the day’s low at 20,906.40 levels.  Most sectors aligned to the move and ended in the red wherein realty, energy and auto were among the top losers.  Meanwhile, the broader indices also traded subdued and closed flat to marginally lower.

We are seeing time-wise correction in the index so far and expect the Nifty to hold the 20,700-20,800 zone in case the profit-taking extends further. Meanwhile, the focus should remain on identifying the sectors/themes that are playing out well and gradually accumulating those names on dips.  Apart from banking and IT majors, we are seeing strong traction in themes like fertilizers, cement and railways just to name a few so align trades accordingly. 

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