Daily Market Analysis : Markets traded volatile for yet another sessionsays Ajit Mishra, Religare Broking
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Below the Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets traded volatile on the monthly expiry day but managed to end marginally higher. The tone was subdued at the beginning and a mixed trend across heavyweights capped the move till the end. Meanwhile, a lackluster move on the sectoral front kept the traders on their toes wherein realty and IT edged lower. Surprisingly, the broader indices ditched the trend and managed to end in the green.
We are seeing a tussle at 21,900 in Nifty, which coincides with a short term moving average i.e. 20 DEMA and expect the index to face a hurdle around the 22,100-22,250 zone, in case of a recovery. At the same time, excessive volatility and failed breakouts across sectors are further adding to the traders’ worries. We feel it is prudent to avoid aggressive trades in the current scenario and utilize rebound to reduce longs.
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