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

Markets recovered after Wednesday’s fall and gained over half a percent.  After the initial downtick, Nifty inched gradually higher in the first half however profit taking around the hurdle area i.e. 22,200 capped the upside. Eventually, it settled with decent gains at 22,146.65 level. All the key snd belectors, barring banking, participated in the move wherein energy, IT and metal were among the top gainers. Importantly, it was the rebound in the broader indices, which eased some pressure and aided strong market breadth.

Participants shouldn’t read much into a single-day rebound, especially in the broader indices and wait for some stability. Meanwhile, focus on sectors and stocks that are showing relatively higher strength like IT and select banking and FMCG names for long trades and maintain a few shorts also as a hedge. 

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