Daily Market Analysis : The market resumed its corrective stance following a day of consolidation, experiencing a decline of nearly one and a half percent Says Mr. Ajit Mishra, Religare Broking Ltd
Below the Quote on Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
The market resumed its corrective stance following a day of consolidation, experiencing a decline of nearly one and a half percent. Despite starting flat, Nifty gradually slid lower throughout the day, settling close to the day’s lowest point at 21,957.50 levels. Apart from the auto sector, which remained relatively stable, all major sectors faced selling pressure, particularly energy, metal, and realty, which emerged as the top losers. The broader indices also recorded significant declines, ranging between 1.9% to 2.7%.
Nifty has broken below both the lower boundary of its upward channel and the support of the 50-day exponential moving average (DEMA) around the 22,150 level. The ongoing increase in the volatility index suggests that the current market sentiment may persist, potentially leading Nifty to test the 21,800-21,850 zone soon. Traders are advised to adjust their positions accordingly and prioritize stock selection.
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