Daily Market Analysis : The markets traded lackluster and ended slightly lower, continuing the ongoing consolidation phase 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 traded lackluster and ended slightly lower, continuing the ongoing consolidation phase. After a flat start, Nifty fluctuated within a narrow range, eventually closing at 24,413.50. Sector-wise, the trend was mixed, with energy, realty, and pharma showing decent gains, while banking and FMCG sectors declined. Notably, the broader indices performed well amid volatility, gaining between 1% and 2%.
Nifty has remained firmly above the 20-day exponential moving average (DEMA) during this consolidation, indicating that the bulls are maintaining their grip despite weakness in the banking sector. We recommend maintaining a positive yet cautious stance on the index until Nifty decisively breaks below 24,200. Additionally, we reiterate our preference for index majors over others and suggest monitoring position sizes.
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