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

Market extended decline for the third successive session and lost over half a percent, in continuation to the prevailing corrective move. After the gap-down start, Nifty oscillated in a range and finally settled at 22,147.90 levels.  Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein FMCG, pharma and energy posted modest gains while IT, realty and metal ended in the red.  Interestingly, the broader indices showed resilience amid decline and the smallcap index managed to gain over half a percent.

Weak global cues are largely weighing on the sentiment and this trend may continue, with intermediate pause/rebound. We reiterate our view to Nifty to find support around the 22,000-22,150 zone and are likely to face a hurdle around 22,350 first. Amid all, certain pockets are still showing noticeable resilience and participants should align their longs accordingly.  

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