Daily Market Analysis : Markets started the week on an upbeat note and gained 2%, tracking favorable cues By Mr. Ajit Mishra, Religare Broking Ltd
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Below is quote on Daily Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets started the week on an upbeat note and gained ~2%, tracking favorable cues. After the initial uptick, Nifty continued to move gradually higher as the day progressed and finally settled closer to the day’s high at 21,737.60 levels. The majority of key sectors contributed to the move wherein energy, financials and metal were among the top performers. The broader indices also traded in sync with the trend and gained over 1.5% each.
The stability in banking combined with buoyancy on the global front is aiding recovery however the upside seems capped citing multiple hurdles. We thus suggest focusing on sectors/themes that are attracting consistent buying. Needless to say, the volatility is here to stay so limit aggressive longs and prefer hedged bets.
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