Daily Market Analysis : Markets traded dull and ended almost unchanged on the weekly expiry day Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets traded dull and ended almost unchanged on the weekly expiry day. After the flat start, the Nifty oscillated in a narrow range and finally settled at 22,493.55 level. Meanwhile, a mixed trend continued on the sectoral front which kept the participants occupied wherein metal and FMCG posted strong gains while banking, auto and energy closed in red. The broader indices witnessed some respite after the recent fall and ended marginally higher.
We feel intermediate breathers are healthy as long as we do not see any major cut in the index. However, traders shouldn’t get carried away with the prevailing trend in the benchmark and stay focused on stock selection and risk management. Besides, we reiterate our preference for index majors and large midcaps over the smallcap counters.
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