Daily Market Analysis : Once again, the markets experienced significant volatility, ending the day with a loss of nearly one percent Says Mr. Ajit Mishra, Religare Broking Ltd
Below the Quote on Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
Once again, the markets experienced significant volatility, ending the day with a loss of nearly one percent. Despite a positive start driven by strong global cues, profit-taking in heavyweight stocks not only wiped out early gains but also pushed the index into negative territory. Ultimately, the Nifty settled around the 22,456.65 mark, down by 0.85%. Major sectors such as auto, IT, and realty were among the primary losers. Additionally, broader indices also saw a decline of almost half a percent each.
The sharp drop in the index has nullified the gains made over the past four sessions, although it managed to hold above the support zone represented by the short-term moving average i.e. 20 DEMA. We recommend a selective approach and suggest considering hedged positions if the Nifty fails to maintain the 22,400 level. Besides domestic factors, it's crucial for traders to closely monitor the performance of the US markets for further guidance
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