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

Markets began the week on a feeble note, losing nearly a percent due to unfavorable global cues and mixed earnings reports. After an initial dip, Nifty attempted a gradual recovery but failed to hold above its short-term support, the 20 DEMA, closing at 23,381.60. All major sectors followed suit, with realty, metal, and energy leading the decline. Meanwhile, broader indices tumbled over 2%, intensifying concerns among market participants.

Looking ahead, 23,200 emerges as a crucial support level, and a decisive break below it could strengthen the bearish sentiment, potentially dragging the index toward its January low of 22,800. On the upside, the 23,600-23,900 zone is expected to act as a strong resistance. Given the mixed sectoral trends, opportunities exist on both sides, making stock selection and risk management key in the current market scenario.

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