Daily Market Analysis : The markets experienced volatility today, resulting in a slight decrease of nearly half a percent despite mixed signals Says Mr. Ajit Mishra, Religare Broking Ltd
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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd.
The markets experienced volatility today, resulting in a slight decrease of nearly half a percent despite mixed signals. Initially showing an upward trend, the Nifty gradually declined in the first half and then fluctuated significantly in the latter half before settling at 23,501.10, marking a decrease of 0.28%.
Sector-wise, traders were engaged in a mixed trend. IT and metal sectors saw gains, while FMCG, realty, and auto sectors witnessed declines. The broader indices also saw some profit-taking and closed marginally lower.
Nifty has been struggling to maintain levels above 23,600, although it remains steady above the support zone indicated by moving averages. We thus recommend focusing on selective stock picking during this period and using it as an opportunity to accumulate high-quality stocks. Besides domestic factors, global market performance will also be closely watched in the absence of any major events.
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