23-05-2024 04:20 PM | Source: Religare Broking Ltd
Daily Market Analysis : The session turned out to be highly favorable for participants as the Nifty reclaimed its record high Says Mr. Ajit Mishra, Religare Broking

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

 

The session turned out to be highly favorable for participants as the Nifty reclaimed its record high, gaining over one and a half percent. After a flat start, the Nifty steadily climbed throughout the day, inching closer to the significant 23,000 mark, primarily driven by substantial buying in select heavyweight stocks.

Sector-wise, the auto, banking, and IT sectors were the top performers, while defensive sectors like pharma and FMCG lagged slightly. Amidst this, the broader indices underperformed the benchmark, closing flat to marginally in the green.

We anticipate the prevailing positive trend to continue, with the alignment of the banking index potentially adding further momentum. We are now targeting the 23,100-23,400 zone for the Nifty, with the 22,600-22,800 zone expected to provide support in case of any pullback. Investors should focus more on heavyweight stocks and remain selective in the midcap and smallcap segments.

 

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