Daily Market Analysis : Mixed trend was witnessed on the sectoral front says Mr. Ajit Mishra, Religare Broking Ltd.
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Below the Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets recovered strongly in the final hour of the trade to close at record high levels, continuing its winning streak for straight six sessions in a row. A Mixed trend was witnessed on the sectoral front. Wherein Realty, Fin service, and Media rallied the most, while Auto and IT remained subdued. A rebound in the private banking majors was the key highlight especially HDFC Bank. However, broader indices Midcap and Smallcap closed in red and lost 0.13% and 0.53% respectively.
The rebound in the banking majors helped the index to register a breakout from the consolidation and close above its intermediate hurdle of 22150 zone. Going ahead, if breakout holds successfully, we expect upward momentum to continue and index to scale higher towards 22500 levels.
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