Market Wrap : Markets began the week on a feeble note, shedding nearly half a percent amid mixed cues Says Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
Below the Quote on Market Wrap by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
"Markets began the week on a feeble note, shedding nearly half a percent amid mixed cues. After an initial positive tone and range-bound movement in the first half, the presence of a critical resistance at the 20-day EMA not only capped the upside but also triggered profit booking as the session progressed. As a result, the Nifty index closed near the day's low at 22,460.30, down 0.41%. All key sectors declined in line with the broader trend, with realty, energy, and auto leading the losses. The broader indices also came under pressure, falling between 1.8% and 2.4%.
For the market to surpass the short-term resistance of the 20-day EMA at 22,700, a fresh catalyst is needed. However, mixed global cues and the underperformance of the banking index remain key hurdles. Amid all, we suggest continuing with a positive yet cautious approach in the prevailing scenario, with focus on stock selection and risk management."
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