08-10-2024 04:22 PM | Source: Religare Broking
Daily Market Analysis : Nifty faces an immediate resistance zone around 25,150-25,300, with a significant hurdle still at 25,500 Says Mr. Ajit Mishra, Religare Broking Ltd

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

 

After six consecutive days of decline, the markets rebounded, gaining nearly 1%. Following a flat start, the Nifty gradually climbed throughout the day, primarily driven by a recovery in select heavyweight stocks, and closed near the day's high. Most sectors contributed to the rise, with auto, energy, and pharma leading the gains. The broader indices also saw a recovery, advancing over 2% each.

While the recovery in key heavyweights could drive Nifty further upward, sustaining this momentum may be challenging. Nifty faces an immediate resistance zone around 25,150-25,300, with a significant hurdle still at 25,500. Traders should consider using this recovery to lighten positions and remain selective for long trades. We continue to favor IT and pharma stocks for their resilience and recommend careful stock selection in other sectors.

 

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