IGI Logo

Below the Quote on Daily Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

The markets remained under pressure for the third consecutive session, losing nearly 1%. The negative sentiment persisted from the start, primarily due to a steep decline in auto stocks following Bajaj Auto's numbers. The situation worsened as banking heavyweights also came under pressure, though resilience in the IT sector helped limit the decline. By the close, the Nifty index ended near the day's low at 24,749.85. Broader indices also struggled, losing nearly 1.5% each.

Looking ahead, participants will react to the results from major companies like Infosys and Axis Bank, as any negative surprises could further dampen market sentiment. On the technical front, Nifty is nearing the previous swing low around 24,700, and a breach of this level could trigger further selling, with the next key support at 24,450. If the market rebounds, resistance is now seen at 25,050-25,200 zone. Traders are advised to adjust their positions accordingly and manage leveraged trades carefully.

Above views are of the author and not of the website kindly read disclaimer