Daily Market Analysis : Markets traded under pressure on monthly expiry day, slipping nearly half a percent Says Mr. Ajit Mishra, Religare Broking Ltd
Below the Quote on Daily Market Analysis by Ajit Mishra – SVP, Research, Religare Broking Ltd.
Markets traded under pressure on monthly expiry day, slipping nearly half a percent. Early weakness in IT majors weighed on sentiment, with other sectors joining the decline later in the session. However, resilience in select heavyweight stocks helped limit the overall losses. Nifty ultimately closed at 24,205, down 0.56%. Most sectors saw losses, with IT and FMCG leading the decline. Broader indices showed mixed performance, as midcaps edged lower while smallcaps gained over a percent.
While IT had previously shown resilience, holding hope for a recovery, today’s decline in major IT stocks has dampened the outlook for a strong rebound. Current indications point to a possible retest of the prior swing low near the 24,000 level. Despite the negativity in the benchmark indices, there are notable opportunities on both sides in certain sectors. Traders should adjust their strategies accordingly, emphasizing risk management.
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