Daily Market Analysis :Nifty quickly gave up its gains and traded within a narrow range until the close Says Mr. Ajit Mishra, Religare Broking Ltd
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Below the Quote on Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
The market began the week quietly and concluded with little change, influenced by mixed signals. Despite an initial rise, the Nifty quickly gave up its gains and traded within a narrow range until the close, finishing at 22,442.70 levels. Various sectors saw a mixed performance, with realty and IT showing modest gains while energy and metal sectors saw declines. Broader indices performed weaker than the benchmark, experiencing losses ranging from 0.5% to 1.50%.
The significant increase in the volatility index, India VIX, is starting to impact sentiment, potentially continuing to exert pressure on the Nifty as it rises. Although the recovery in US markets and the resilience of certain heavyweights have mitigated some damage thus far, a clear break below 22,400 in the Nifty could dampen bullish sentiment. Traders are advised to maintain a hedged approach and focus on selective stock picking.
Above views are of the author and not of the website kindly read disclaimer
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