IGI Logo

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

The markets ended almost unchanged in a volatile expiry session, continuing the recent trend. After a gap-up opening, the Nifty index moved higher during the first hour, but profit booking in heavyweight stocks across sectors erased those gains. Sector-wise, the trend remained mixed with FMCG, banking, and auto sectors edging higher, while metals and pharma faced pressure, closing in the red. Midcap and smallcap indices also saw noticeable declines, losing between 0.5% and 1%.

The movement resembled the US market's response to the rate cut announcement, suggesting possible further profit-taking. However, the downside appears limited, with strong support around the 25,100-25,200 zone. Among key sectors, banking and financials are demonstrating resilience, while other sectors are trading with mixed trends. Traders are advised to maintain positions on both sides and focus more on index heavyweights.

Above views are of the author and not of the website kindly read disclaimer