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

Markets started the week on a firm note and gained over half a percent, tracking favorable cues. After the initial uptick, Nifty inched gradually higher however profit taking in select heavyweights capped the upside in the second half. Eventually, it closed at 22,666.30 levels; up by 0.7%. Most sectors contributed to the move wherein auto, energy and realty were among the top gainers. After days of outperformance, the broader indices took a breather and closed almost unchanged.

Nifty has finally ended a week-long consolidation phase and the banking index has also finally made a new record high however the momentum is still missing. Amid all positivity, mixed global cues may continue to result in intermediate dips and traders should utilize the same for adding quality names. 

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