14-11-2024 04:36 PM | Source: Religare Broking
Daily Market Analysis : The Nifty index had a subdued session on the weekly expiry day following the recent sell-off Says Mr. Ajit Mishra, Religare Broking

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

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

 

The Nifty index had a subdued session on the weekly expiry day following the recent sell-off. The benchmark index saw sharp fluctuations in the early hours, but a lack of clear direction among heavyweights kept the movement contained throughout the day. Sectorally, there was a mixed performance—realty and auto sectors edged higher, while FMCG and pharma ended in the red. Meanwhile, broader indices showed slight relief, posting gains in the range of 0.4% to 0.8%.

The Nifty's pause was largely anticipated after retesting its major support level at the 200-day exponential moving average (DEMA). We advise monitoring leveraged positions closely at this point. With major earnings now behind us, it’s crucial to focus on the performance of the IT and banking sectors for further cues.

 

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