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Below the Daily Market Analysis 29 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets took a breather on the final trading session of the calendar year and settled with a modest cut. After the initial downtick, the Nifty oscillated in a narrow range and finally closed at 21,731.40 levels.  Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein auto and FMCG edged higher while energy, IT and banking witnessed some profit taking. Besides, the buoyancy on the broader front further eased the pressure.  

We may see further consolidation in the index and it would be healthy after the recent surge. We expect Nifty to hold the 21,300-21,500 zone in case of a dip during consolidation and reiterate our positional target of 22,150 level. Participants should stay focused on the selection of stocks and prefer index majors.

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