30-09-2024 04:07 PM | Source: Religare Broking Ltd
Daily Market Analysis : The Markets began the week on a feeble note, losing nearly one and a half percent due to mixed global cues 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 markets began the week on a feeble note, losing nearly one and a half percent due to mixed global cues. After opening with a gap down, Nifty gradually declined, ending the day near its low at the 25,810.85 level. Initially, the drop was limited to a few heavyweight stocks but later spread across the board. Sector-wise, auto, realty, and banking were the biggest losers, while the metal index stood out, hitting a new high and gaining over a percent.

Nifty’s three-week upward streak had pushed the index into overbought territory, leading participants to trim their positions amid mixed global signals. The broad-based decline in heavyweight stocks put the bulls on the back foot, potentially paving the way for some consolidation. The next crucial support for Nifty is around the 25,560 level, near the short-term moving average i.e. 20 DEMA. If a rebound occurs, the 26,000-26,250 zone could pose resistance. Traders are advised to adopt a stock-specific strategy and maintain positions on both sides of the market.

 

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