Daily Market Analysis : Nifty has now corrected more than 10% from its record high, reaching its major moving average support Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra, SVP, Research, Religare Broking Ltd
Markets extended their corrective phase, declining by nearly one and a half percent, continuing the existing downward trend. After a flat opening, Nifty gradually drifted lower, retesting its critical support at the 200-day exponential moving average (DEMA) for the first time in nearly five months. Pressure was felt across key sectors, with realty, metal, and auto stocks among the biggest losers. Broader indices also experienced a sharp decline, each losing over 2.5%.
Nifty has now corrected more than 10% from its record high, reaching its major moving average support. Notably, alongside with the benchmark index, banking index, midcap and smallcap indices also retested their long-term support levels at the 200 DEMA today. This confluence of support and oversold conditions might trigger a rebound, although any recovery could be limited to select stocks. Traders are advised to monitor positions closely and maintain a hedged strategy.
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