Daily Market Analysis : The markets traded lackluster and ended slightly lower, continuing the ongoing consolidation phase 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 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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