Daily Market Analysis : Markets slipped nearly half a percent, extending the ongoing consolidation phase after a two-day rebound Says Mr. Ajit Mishra, Religare Broking Ltd
Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
"Markets slipped nearly half a percent, extending the ongoing consolidation phase after a two-day rebound. The Nifty index witnessed volatile swings following a flat opening and eventually closed near the day’s low at 23,092.20. Sectoral performance was mixed, with realty and pharma emerging as the top losers, while FMCG and IT saw marginal gains. After a brief pause, the broader indices resumed their decline, shedding between 1.6% and 2.4%.
This movement in the index aligns with expectations, and we anticipate further downside pressure in the coming sessions towards the 22,700-22,900 zone in Nifty. However, the greater concern lies in the pronounced selling in the midcap and smallcap segments, which is unlikely to ease in the near term. On a positive note, select pockets across sectors are showing signs of resilience and could emerge as potential outperformers during the next phase of recovery. For now, participants are advised to align their positions with the prevailing trend and avoid adding to losing trades."
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