Market Wrap : Markets Open Weak as New Expiry Series Begins Amid 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.
"The new expiry series began on a weak note, with markets slipping nearly two percent, weighed down by weak global cues. The bearish sentiment was evident from the start and intensified as the session progressed, pushing Nifty to close near the day’s low at 22,120. The decline was broad-based, with IT, auto, and FMCG leading the losses, while the broader indices also followed a similar trend.
Uncertainty often weighs more than the actual event, and the market is currently grappling with concerns over potential trade wars. Additionally, persistent FII selling continues to add pressure. On a technical front, after five consecutive months of decline, Nifty has approached the crucial support zone of 21,800-22,000, where multiple key indicators align.
Given the prevailing weakness, traders should maintain a cautious stance with a negative bias until clear signs of a pause or reversal emerge. It is also advisable to manage leverage carefully and prioritize hedged trades for risk management."
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