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

Markets started the week on a feeble note and lost over a percent, in continuation to Friday’s fall. Weak global cues triggered a gap-down start, followed by volatile swings till the end. Eventually, Nifty oscillated sharply on both sides and finally closed around the day’s low at 22,315 levels.  In line with the benchmark, the selling pressure was widespread wherein IT, financials and banking were among the top losers. The broader indices too felt the heat and lost nearly one and a half percent each.

Nifty has slipped below the immediate support of short term moving average i.e. 20 EMA after two days of the slide and is likely to take a breather around the 22,150 level.  Traders should continue with a hedged approach for now and wait for clarity.

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