Daily Market Analysis : Nifty has finally surpassed the 23,600 hurdle after two weeks of consolidation, reaching a new record high 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.
The markets edged higher, gaining over half a percent, signaling a resumption of the uptrend after a brief pause. Following an initial uptick, Nifty traded within a range during the first half, but selective buying in heavyweight stocks, particularly from the banking sector, spurred a sharp surge as the day progressed. Besides banking, the IT sector also performed well, whereas the realty, metal, and energy sectors ended in the red. Amidst all this, the broader indices were slightly on the back foot, closing flat to marginally lower.
Nifty has finally surpassed the 23,600 hurdle after two weeks of consolidation, reaching a new record high. We maintain a positive outlook on the index, now targeting the next milestone of 24,000. We believe the current buoyancy in banking, coupled with notable strength in IT, will dictate the trend, while other sectors may contribute on a rotational basis. Traders should align their positions accordingly and avoid a contrarian approach.
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