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

The markets traded within a narrow range throughout the day, closing nearly unchanged after a recent surge. Initially positive, the session saw profit-taking in key heavyweights that offset early gains, resulting in the Nifty settling around 24,009.30 levels, down by 0.15%. Despite this, sectors like energy, pharma, and metal ended in positive territory, contributing to gains of around 0.5%-0.9% in broader indices.

Looking ahead, there's a possibility of consolidation in the benchmark index following recent upward movement, with support expected around the 23,700-23,900 range on any declines. Banking stocks are currently consolidating, while sectors such as IT, energy, and FMCG are buoying the index higher. Similar market dynamics are anticipated in the upcoming session, so traders should strategize accordingly.

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