Daily Market Analysis : The markets edged higher, gaining nearly half a percent, continuing the ongoing trend Says Mr. Ajit Mishra, Religare Broking
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Below the Quote on Daily Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
The markets edged higher, gaining nearly half a percent, continuing the ongoing trend. Following a flat start, the Nifty traded within a narrow range but saw selective buying in the final hour, pushing the index to close near the day’s high at 24,770. The sectoral trend remained mixed, with FMCG, pharma, and metal sectors posting decent gains, while profit-taking in banking and financial majors limited the upside. Meanwhile, buoyancy in the small-cap space contributed to positive market breadth, settling on the advancing side.
Rotational buying in heavyweights across sectors is aiding the index's gradual climb, though inconsistency in the banking majors is keeping participants cautious. On the index front, Nifty may pause around 24,850 before moving towards the 25,000+ level. In the event of a dip, we expect the index to find support in the 24,450-24,600 zone. In addition to domestic factors, we recommend closely monitoring the US markets for further cues.
Above views are of the author and not of the website kindly read disclaimer
