Market Wrap : Markets End Week Strong, Gain Nearly 2% on Global 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 wrapped up the week on a strong note, gaining nearly 2%, buoyed by positive global cues. The U.S. decision to defer tariffs for all countries except China eased recession concerns, boosting sentiment and lifting fears of a global slowdown. As a result, the Nifty index opened with a strong gap-up and tested resistance near the 20-day exponential moving average (DEMA) around 22,900. It then moved in a narrow range before settling at 22,828.55.Sector-wise, metals, energy, and pharma led the gains, while broader indices also saw a solid rebound, rising between 1.82% and 2.86%.
The recovery, supported by a continued decline in the volatility index, is a positive sign, though such sharp moves remain challenging to trade. On the index front, a decisive close above 22,900 could pave the way for a retest of the key moving average zone near 23,400. On the downside, immediate support lies at 22,300. Until more stability is seen, we recommend maintaining a hedged approach. Participants should stay focused on global developments and corporate earnings for further direction."
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