Daily Market Analysis : The market continued its downward trend, slipping nearly half a percent 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 market continued its downward trend, slipping nearly half a percent. Nifty saw a sharp dip initially but managed to recover most of its losses mid-session before eventually closing with a modest cut at 23,453.80. Sector-wise, there was a mixed performance, with metals, FMCG, and auto gaining, while IT and energy sectors remained under pressure. The broader indices also showed mixed results, as the midcap index remained flat while the smallcap index declined by nearly half a percent.
Nifty has now fallen below its major support at the 200-day EMA after a brief pause, indicating that the bears are in control. However, oversold conditions in heavyweight stocks across sectors are currently slowing the pace of the decline. We recommend maintaining a cautious outlook on the index and focusing selectively on stock-specific opportunities.
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