IGI Logo

Below the Daily Market Analysis 27 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets edged higher for the fourth successive session and reclaimed their record high, thanks to supportive global cues.  After the initial uptick, Nifty oscillated in a range for most of the session however a sharp surge in the final hour helped the index to settle around the day’s high at 21,654.75. The majority of sectors traded in sync with the move wherein metal, auto and banking were among the top contributors. Meanwhile, the broader indices underperformed the benchmark and gained nearly half a percent each.

Nifty has reclaimed its record high and closed decisively above the 21,500 mark. We expect the prevailing move to extend further and eyeing 22,150 levels. We feel the alignment of the banking index and supportive global cues would continue to play a critical role in maintaining the momentum else the move could be gradual. Traders should stay focused on stock selection and prefer index majors and quality midcaps for fresh buying.  

Above views are of the author and not of the website kindly read disclaimer