Daily Market Wrap : Markets managed to inch higher despite volatility, gaining nearly 1% amid mixed cues by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Below the Quote on Daily Market Wrap Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
"Markets managed to inch higher despite volatility, gaining nearly 1% amid mixed cues. Nifty saw sharp fluctuations in early trade but gradually strengthened, closing near the day’s high at 23,163.10. Most key sectors contributed to the recovery, with realty, IT, and energy leading the gains. However, the highlight of the session was the strong rebound in broader indices, which surged between 2.3% and 3.4%.
Looking ahead, market participants will react to the US Fed meeting outcome in early Thursday trades, followed by the focus shifting to the January derivatives expiry. On the benchmark front, Nifty is recovering amid choppy conditions and approaching its critical resistance at 23,300 (20 DEMA). A decisive close above this level could extend the recovery, while failure to do so may trigger profit-taking. Given the current rebound, traders should maintain a cautious stance and prefer hedged positions."
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