Daily Market Analysis : The broader indices also edged higher and gained in the range of 0.9%-1.3% Say`s Ajit Mishra, Religare Broking Ltd
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Below the Daily Market Analysis 14 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets resumed uptrend after a breather and gained over a percent, tracking favorable global cues. Firm US markets triggered a gap-up start in Nifty, which further strengthened as the session progressed. Eventually, it settled closer to the day’s high at 21,182.70 levels. All key sectors participated in the rally wherein IT, banking and realty were among the top gainers. The broader indices also edged higher and gained in the range of 0.9%-1.3%.
Firm US indices may continue to rub off on our markets and we are now eyeing 21,500 in Nifty. We reiterate our preference for banking & IT majors and suggest staying selective in others. Though the midcap and smallcap pack is also aligned with the move, traders should maintain extra caution in stock selection citing the overbought conditions.
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