Daily Market Analysis : The markets continued their downward trend, losing nearly half a percent as part of the ongoing correction Says Mr. Ajit Mishra, Religare Broking Ltd
Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
The markets continued their downward trend, losing nearly half a percent as part of the ongoing correction. Following a flat opening, Nifty experienced sharp fluctuations in both directions, ultimately closing at 24,971.30 level. Most key sectors were under pressure, mirroring the benchmark performance, with auto and IT stocks among the top losers. The broader indices, after their recent gains, also pulled back slightly, finishing marginally in the red.
The market's upward movements are being met with resistance, primarily due to persistent selling by foreign investors and a lackluster start to the earnings season. However, strength in select heavyweight stocks is helping to slow the decline. We maintain a negative outlook on the index, with the next critical support level at 24,700. On the stock front, opportunities are emerging on both sides, so traders should adjust their positions accordingly.
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