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09-09-2024 04:12 PM | Source: Religare Broking Ltd
Daily Market Analysis : The market began the week with a slight decline but managed to close flat, continuing its consolidation phase Says Mr. Ajit Mishra, Religare Broking Ltd

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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

 

The markets began the week on a subdued note and ended nearly flat, pausing after Friday's decline. After an initial dip, a recovery in select heavyweight stocks led to a slight rebound, followed by range-bound movement for the rest of the session. Sector-wise, the performance was mixed, with FMCG and banking sectors showing strength, while energy and metal stocks declined. The broader indices remained under pressure, posting losses between 0.5% and 1%.

This is a normal pause, and holding above 24,900 could trigger a further rebound toward the 25,100-25,200 range. Otherwise, the decline may resume. A lot will depend on the performance of global markets, particularly the US, given the lack of major domestic triggers. We advise maintaining balanced positions on both sides, with an emphasis on risk management in the interim.

 

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