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

Markets traded volatile amid mixed cues and ended with a modest cut.  After the flat start, Nifty drifted lower in the first half however a sharp recovery in the select heavyweights; especially from the banking pack trimmed the losses.  Consequently, Nifty settled marginally lower to close at 22,356.30 level. Meanwhile, a mixed trend on the sectoral front continued, which kept the participants busy wherein auto and energy ended in the green while IT and FMCG extended decline & lost over a percent each.

We reiterate our bullish view on markets and suggest continuing with a “buy on dips” approach. However, excessive volatility and false breakouts across sectors would continue to pose challenges in the selection of stocks. We thus recommend keeping a check on the position size and preferring index majors and large midcap names.

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