11-10-2024 03:51 PM | Source: Religare Broking Ltd
Daily Market Analysis : The market has been facing selling pressure on every rise, though resilience in key heavyweights, particularly in the IT, pharma, and metal sectors, has slowed the downward momentum Says Mr. Ajit Mishra, Religare Broking Ltd

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

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

 

Markets traded lackluster on Friday and ended slightly lower amidst mixed cues. Early in the session, weak sentiment in IT major, TCS, after its earnings report impacted the mood, with further pressure from declines in private banking giants. However, selective buying in heavyweight stocks helped limit the decline as the day progressed. Sector-wise, the trend remained mixed—pharma and metal saw gains, while realty and banking finished in the red. Broader indices outperformed, gaining nearly half a percent each.

The market has been facing selling pressure on every rise, though resilience in key heavyweights, particularly in the IT, pharma, and metal sectors, has slowed the downward momentum. We recommend maintaining a cautious stance on the Nifty until it decisively surpasses the 20-day exponential moving average (DEMA), which is currently around the 25,300 level. With opportunities on both sides, traders should prioritize careful stock selection and effective trade management.

 

Above views are of the author and not of the website kindly read disclaimer