Daily Market Analysis : We thus recommend maintaining focus on stock selection while keeping a check on leveraged trades Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 03 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Markets started the week with a cut over half a percent, in continuation of the prevailing corrective phase. After the initial fall, Nifty remained range bound till the end and finally settled at 19528.75 levels. Most sectors traded in sync wherein energy, auto and pharma were among the top losers. However, the broader indices managed to outperform for yet another session and ended in the green.
The move reaffirms our negative bias on the index, however buying in select heavyweights is capping the damage. Besides, resilience in midcap and smallcap space is also offering opportunities on the long side. We thus recommend maintaining focus on stock selection while keeping a check on leveraged trades.
