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

The markets continued their downward trend, losing nearly a percent as the correction phase persisted. Despite a flat start, the Nifty gradually declined, closing near the day's low at 24,140.70. The pressure was primarily due to a drop in banking and financial heavyweights, while IT majors attempted to limit the losses. Broader indices also struggled, with declines ranging from 0.8% to 1.3%.

Nifty is under pressure after failing to surpass the 20-day EMA resistance and appears poised to retest the 24,000 support zone. The decline in banking majors has disrupted the recovery, while other sectors are trading mixed. We recommend monitoring leveraged positions closely and waiting for clearer market signals.

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