Daily Market Analysis : The Market extended its recovery trend, climbing nearly 1.5% amid positive cues Says Mr. Ajit Mishra, Religare Broking Ltd

Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
"The market extended its recovery trend, climbing nearly 1.5% amid positive cues. A strong start, driven by a rebound in global markets, gained further traction as renewed buying in select heavyweight stocks sustained the upbeat sentiment throughout the session. All major sectors contributed to the rally, with energy, banking, and metals leading the gains. Meanwhile, broader indices also saw solid traction, rising between 1.08% and 1.6%.
The index rebound signals a determined effort by bulls to reclaim lost ground, with a decisive break above the critical resistance at the 200 DEMA i.e. 23,620 in Nifty potentially strengthening their position further. The next target range stands at 23,900–24,200. Notably, the banking and financial sectors have played a key role in the recovery, and a decisive move past the 50,200 level in the banking index will be crucial for sustaining the momentum.
Given the prevailing market conditions, we maintain our focus on selective stock picking, emphasizing relative strength, with a preference for large-cap and large mid-cap stocks."
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