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

Markets traded under pressure and lost over a percent, tracking feeble global cues. The tone was negative from the beginning and pressure in the heavyweights across sectors pushed the index lower as the day progressed. Eventually, the Nifty index settled around the day’s low at 22,519.40 level. All sectors faced the heat wherein pharma, FMCG and banking were among the top losers.  Meanwhile, the broader indices showed resilience and lost nearly half a percent each.

Nifty has been facing resistance around the 22,700-22,800 zone and pressure in the US markets is adding to the worries. Apart from the global cues, the reaction of the IT majors to TCS numbers would set the tone on Monday. We are eyeing the 22,350-22,500 zone to offer a cushion in case profit-taking extends. Meanwhile, we suggest keeping a check on leveraged positions and preferring hedged trades.

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