Daily Market Analysis : The markets experienced a rebound following a sharp decline on Thursday Says Mr. Ajit Mishra, Religare Broking
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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd.
The markets experienced a rebound following a sharp decline on Thursday, closing with modest gains. Strong global cues initiated a positive start, but a mixed trend among heavyweight stocks limited the upside throughout the day. Ultimately, the market closed at 22,050 levels, marking a 0.40% increase. Metal, energy, and FMCG sectors were the top performers, while IT and realty sectors saw declines. Broader indices also recorded modest gains, each rising over half a percent.
It's advised not to place undue significance on a single day's pause and to maintain a negative bias until the Nifty convincingly surpasses the 22,400 level. However, there are indications of resilience in certain areas, allowing participants to selectively explore buying opportunities. Looking ahead, the 21,800 level in Nifty is seen as critical, potentially influencing market direction.
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