Daily Market Analysis : The recent weakness in U.S. markets has stalled the momentum in Indian markets, causing participants to become cautious ahead of the upcoming jobs data 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.
On Friday, markets came under pressure and closed over a percent lower, weighed down by weak global cues. After a flat start, the Nifty gradually declined throughout the day, breaking multiple support levels to end at 24,852.15. The sell-off was broad-based, with the banking and energy sectors taking the biggest hit. Broader indices also saw declines, losing more than a percent each.
The recent weakness in U.S. markets has stalled the momentum in Indian markets, causing participants to become cautious ahead of the upcoming jobs data. With the Nifty slipping below the crucial 20-day exponential moving average (DEMA), further downside is likely, with key support around 24,500 at the 50 DEMA. Given the circumstances, it is advisable to avoid taking aggressive positions and to apply strict stop losses on existing trades.
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Weekly Note by Mr. Ajit Mishra, SVP - Research, Religare Broking Ltd
