Daily Market Analysis : The Markets extended Wednesday`s rebound on the weekly expiry day, ending with modest gains Says Mr. Ajit Mishra, Religare Broking Ltd
Below the Quote on Daily Market Analysis by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
"The markets extended Wednesday's rebound on the weekly expiry day, ending with modest gains. The session began on a subdued note, but selective buying in heavyweights triggered a gradual recovery in the first half, followed by a range-bound phase until the close. Ultimately, the Nifty index settled at 23,205, up 0.22%.
Sectoral trends were mixed, with IT and pharma sectors closing higher, while banking and energy remained subdued. After two consecutive days of decline, the broader indices also saw a breather, gaining between 1% and 1.7%.
The recovery in IT majors has been the primary driver of the index's rebound, with other sectors providing rotational support. However, we recommend not reading too much into this bounce and sticking with a "sell on rise" strategy for the Nifty index. At the same time, stock-specific opportunities remain plentiful across sectors, so participants should focus on maintaining balanced positions on both sides."
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