Daily Market Analysis : The markets started the week on a volatile note due to mixed signals but ended largely unchanged 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 started the week on a volatile note due to mixed signals but ended largely unchanged. After an initial decline, the Nifty experienced sharp fluctuations in both directions, ultimately settling at the 24,347 level. Sectoral trends were mixed, with realty and metal sectors posting gains, while FMCG and energy sectors ended in the red. Notably, the broader indices outperformed the benchmark, closing slightly in the green.
Nifty struggled to maintain its position above the short-term moving average resistance of the 20-day EMA at 24,400, primarily due to pressure from select heavyweight stocks. This trend may persist until we see a more decisive movement in banking majors. In the meantime, traders should avoid aggressive long positions and stick to a hedged approach. In addition to earnings reports, the focus will be on global markets for further cues.
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