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

Markets resumed up move on the monthly expiry day and gained nearly a percent.  The first half was volatile as Nifty swung on both sides but a steady surge in the select heavyweights in the latter half completely changed the tone. Eventually, it settled closer to the day’s high at 22,570 level. Most sectors contributed to the move wherein pharma, auto and energy were among the top gainers. The broader indices also edged higher and gained in the range of 0.5%-0.8%.

The move has paved the way for a new high in Nifty soon, with strong support at 22,300 level now. However, we have been seeing selective participation so traders should focus more on identifying stocks and continue with a “buy on dips” approach.

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