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

Markets staged a robust recovery on Friday, gaining nearly 1.5%, driven by positive global cues. After opening with a gap-up, the Nifty initially lost all its gains in the early hours but rebounded due to strong buying interest in select heavyweight stocks. As a result, the Nifty decisively crossed the resistance at 24,400, closing near the day's high at 24,541.15. The rally was broad-based across sectors, with IT, realty, and auto stocks leading the gains. The broader indices also showed a solid recovery, each advancing nearly 2%.

With the Nifty breaking out of its consolidation phase, it appears poised to close the gap around the 24,700 level. If there is any dip, the 24,300-24,400 zone should provide support. We recommend aligning trades with a focus on stock picking. In the absence of any major domestic triggers, attention will remain on global market performance for further cues.

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