Daily Market Analysis : The market remained under pressure and extended its corrective phase, losing nearly a percent 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 remained under pressure and extended its corrective phase, losing nearly a percent. After a brief initial uptick, selling pressure in heavyweight stocks across sectors dragged the Nifty down, closing at 24,795.75. Except for the IT sector, all major sectors followed the benchmark trend and ended in the red, with energy, metals, and banking being the top laggards. Broader indices also took a hit, declining between 2% and 2.5%.
Despite the resilience in U.S. markets, it hasn't provided much relief amid continued foreign investor selling. Looking ahead, the Nifty needs to sustain above the 24,750 mark for any potential rebound or consolidation. Otherwise, participants should brace for the next key support at the 100-day exponential moving average (DEMA), currently around 24,380. In this scenario, it’s advised to closely monitor leveraged positions and adopt a stock-specific approach, with preference for short trades on bounce.
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