Daily Market Analysis : The Markets extended their recovery for the third consecutive session, posting gains of over half a percent Says Mr. Ajit Mishra - SVP, Research, 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 extended their recovery for the third consecutive session, posting gains of over half a percent. After opening on a positive note, the Nifty gradually advanced throughout the day, eventually crossing the key resistance level of 24,350. Sector-wise, heavyweights in energy, metals, and banking drove the rally, while defensive sectors like FMCG and pharma showed subdued performance. The broader markets maintained their momentum, with both midcap and smallcap indices rising by nearly 1% each.
With Nifty surpassing the 24,350 resistance, sustained momentum could drive the index toward the 24,700 mark. We recommend adopting a "buy on dips" strategy for the index. While most sectors are contributing to the recovery, our preference remains with IT and banking, advising a selective approach in other sectors.
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