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

Markets resumed their uptrend after a brief pause, gaining nearly one percent. Initially, a slight increase in IT majors and select heavyweights from other sectors sparked a sharp rise in the morning hours. However, some profit-taking at higher levels tempered the gains as the day went on. Ultimately, the Nifty index closed at 24,502, up by 0.77%. In addition to the strong performance in the IT sector, the energy and FMCG sectors also performed well, while the realty and auto sectors lagged. The broader indices underperformed the benchmark, ending flat to slightly positive.

The rotational buying across heavyweights is helping the Nifty index maintain its positive momentum, but sustained levels above 24,500 are needed to reach the new milestone of 25,000. We recommend traders continue with a “buy on dips” approach, focusing on stock selection and trade management. Besides domestic factors, participants should closely monitor global indices, especially the US markets, for cues.

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