Daily Market Analysis : Markets traded volatile in a narrow range and finally ended with gains of nearly half a percent Says Mr. Ajit Mishra, Religare Broking
Below the Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets traded volatile in a narrow range and finally ended with gains of nearly half a percent. After the flat start, Nifty oscillated in the band, tracking a mixed trend in heavyweights and settled at the 21,743.25 level. All key sectors, barring metal, participated in the rebound wherein recovery in the banking and financial majors played a critical role in helping the index to end in the green. The broader indices too settled witnessed respite and settled marginally higher.
The recent price action in the index shows indecisiveness among the participants thus traders should continue with stock-specific approach and wait for clarity. Besides, we suggest utilizing further rebound to reduce longs, especially in the PSUs and other overbought sectors/themes.
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