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Below the Daily Market Analysis 19 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets remained range bound and settled marginally higher amid mixed signals.  After the flat start, the Nifty index drifted lower in the first hour despite the favorable global cues, however buying in select heavyweights trimmed all the losses as the day progressed. Among the key sectors, energy and FMCG were among the top performers while IT and metal settled lower.  The broader indices too witnessed a muted session and ended flat to marginally in the red.

We are seeing buying interest on every dip in the index and that reaffirms our bullish view. The defensive viz. FMCG and pharma are doing well on the expected lines however participation of rate sensitives would be essential to trigger the next leg of up move. Meanwhile, it is critical to identify the pattern of rotational buying across sectors and place the trading positions accordingly. 

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