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

Markets started the week with a cut and lost over half a percent amid mixed cues. After the flat start, Nifty inched gradually lower as the session progressed and finally settled around the day’s low at 22,332.65 level. Mostly sectors traded in sync with the move and closed in the red wherein metal, banking and energy were among the top losers. The broader indices traded mixed wherein smallcap shed ~2%.

The intermediate dip in the index after every uptick and underperformance of the broader indices are making traders’ life difficult and we feel it might continue due to mixed trends across the index majors. In the present scenario, traders should avoid aggressive longs and prefer a hedged approach. 

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