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

Markets traded lackluster amid mixed cues and lost over half a percent.  After the initial downtick, the Nifty inched gradually lower and almost reached closer to Thursday’s low.  Though it tried to recoup losses in the latter half, pressure on select heavyweights capped the recovery. Eventually, it settled at 22,024 level; down by 0.53%. Most sectors traded in line with the move and settled in the red wherein auto, energy and pharma were among the top losers. Meanwhile, the broader indices traded mixed and that resulted in neutral market breadth.

Indications are in favor of consolidation with negative bias until the Nifty decisively reclaims 22,250 levels. However, the pace of decline would remain gradual citing the resilience of select heavyweights across sectors. Traders should continue with stock-specific approach and maintain positions on both sides.  

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