Daily Market Analysis : The Markets Rebound After Volatility, Post Half-Percent 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 witnessed a volatile session following Tuesday's sharp decline but managed to close with gains of nearly half a percent. After a flat opening, selling pressure persisted during the first half; however, resilience in IT majors and a recovery in select heavyweights helped trim losses and pushed the index into positive territory. As a result, the Nifty index settled at 23,155.35, up by 0.6%.
Sector-wise, IT and pharma sectors recorded decent gains, while realty and energy emerged as the top losers. Meanwhile, the broader market decline continued, with both midcap and smallcap indices shedding nearly 1.5% each.
The market has been trending lower week by week, and any intermediate pause or rebound should be viewed as a shorting opportunity unless the Nifty decisively breaches the resistance zone of 23,500-23,700. On the stock-specific front, the ongoing earnings season is presenting opportunities on both sides of the trade, so traders are advised to align their positions accordingly. Additionally, it is prudent to exercise extra caution in the midcap and smallcap segments and avoid averaging into losing trades."
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