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Below the Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets started the week on a muted note and ended almost unchanged, taking a breather after the recent surge.  After the flat start, Nifty hovered in a narrow range till the end and finally closed at 22,405.60 levels. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein energy, pharma and banking edged higher while IT, FMCG and auto closed in the red.  The broader indices extended underperformance as the smallcap index lost nearly half a percent.

It is a healthy pause after the recent surge and participants should continue with a “buy on dips” approach. We reiterate our view to focus on banking for momentum while others would continue to play a supporting role on a rotational basis.  

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