Daily Market Analysis : The week kicked off with market volatility, but by the end, it managed to eke out marginal gains Says Mr. Ajit Mishra, Religare Broking Ltd
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Below the Quote on Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
The week kicked off with market volatility, but by the end, it managed to eke out marginal gains. Initially bearish sentiments gave way to a recovery, particularly among key heavyweights, which not only erased losses but also propelled the index to close near the day’s peak at 22,125.50. Sector-wise, there was a mixed bag, with pharma, metal, and realty sectors witnessing gains, while auto and energy sectors saw declines. This trend extended to the broader market as well, with midcaps edging slightly higher while smallcaps ended in negative territory.
Despite the persistent rise in the volatility index, the Nifty found support at the critical 21,800 level. Anticipated stability in banking majors and select heavyweights in sectors such as IT and energy may foster further upward movement, although breaching the 22,300-22,400 range could prove challenging. Given this scenario, participants are advised to adjust their positions cautiously and refrain from overly aggressive trading strategies.
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