Daily Market Analysis : Nifty slipped sharply lower in the first half Says Mr. Ajit Mishra, Religare Broking Ltd
Below are Views On Market Analysis by Mr. Ajit Mishra, SVP - Research, Religare Broking Ltd
Markets traded under pressure on the weekly expiry day and lost nearly a percent. After the flat start, Nifty slipped sharply lower in the first half however it tried to trim losses in the middle but sustained decline in the private banking majors continues to weigh on the sentiment. Most sectors traded in sync with the move wherein FMCG, banking and financials were among the worst hit. Amid all, the broader indices showed resilience and managed to end on a flat note.
The fresh decline in the private banking majors and select heavyweights like ITC has again pushed the Nifty to its crucial support zone of short term moving average i.e. 20 DEMA. And, a decisive close below 21,600 would again push the bulls on the back foot. We thus suggest hedging the existing longs and waiting for clarity.
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