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Below is quote on Daily Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets resumed decline and shed nearly half a percent amid mixed cues.  After the weak start, buying in select heavyweights triggered some rebound in the middle however continued pressure in the private banking majors capped upside. Eventually, Nifty settled at 21352 levels; down by 0.47%. Meanwhile, a mixed trend continued on the sectoral front wherein energy and realty edged higher while IT, pharma and FMCG witnessed profit taking.  The broader indices also witnessed varied moves, with midcap in red and smallcap gaining over half a percent.

The prevailing pressure in banking majors is largely weighing on the sentiments however selective buying in others is capping the damage so far. This diverging trend indicates further consolidation in the index so traders should stay focused on stock selection and trade management until we see some clarity.

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