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

Markets took a breather after six days of advance and shed over half a percent. After the flat start, Nifty oscillated in a narrow range in the first half however a sharp cut in the final hours pushed the lower.  It finally settled closer to the day’s low at 22,055.05 levels.  Most sectors traded in sync with the benchmark and edged lower on profit taking wherein IT and energy were among the top losers.  The broader indices too witnessed a dip and lost nearly a percent each.

While banking is showing some strength now, profit taking in other key sectors is capping the momentum. Besides, mixed global cues are also weighing on the sentiment. Amid all, traders should continue with a “buy on dips” approach, with a focus on stock selection. 

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