Daily Market Analysis : Markets witnessed some respite after 3 days of decline and gained over half a percent Says Mr. Ajit Mishra, Religare Broking
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Below is quote on Daily Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets witnessed some respite after 3 days of decline and gained over half a percent. Firm global cues triggered a gap-up start in Nifty, followed by range bound movement till the end. Meanwhile, a mixed trend on the sectoral front kept traders occupied wherein FMCG, metal and energy edged higher while banking continued to reel under pressure. The broader indices maintained their outperformance and gained over a percent each.
Nifty has reclaimed its short term moving average but lacks decisiveness. We reiterate our cautious view citing the prevailing underperformance of the banking and eyeing the 21,700-21,850 zone to act as a hurdle. Traders should continue stock-specific approach and prefer hedged trades.
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