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Below the Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets started the week on a feeble note and lost nearly half a percent, in the absence of any major trigger.  The tone was subdued from the beginning and the decline in select heavyweights kept the bias negative for most of the session. Consequently, Nifty settled at 22,115.05 level; down by 0.4%. The majority of sectors too traded under pressure wherein IT and metal were among the top losers. The broader indices too witnessed a muted action wherein both midcap and smallcap ended marginally lower.

The underperformance of the banking majors is largely weighing on the sentiment however favorable global cues and rotational buying in other heavyweights are capping the damage. Amid all, we reiterate our view to continue with a “buy on dips” approach until Nifty decisively breaks 21,900 levels. However, traders should maintain extra caution in stock selection citing mixed participation and avoid high beta counters.

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