Quote on Market Wrap 29th August 2025 by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Below the Quote on Market Wrap 29th August 2025 by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
"Markets began the new derivatives series on a muted note, extending the prevailing corrective phase. After an initial uptick, the Nifty traded in a narrow range for most of the session; however, selling pressure in select heavyweights during the closing hours dragged the index lower. Consequently, it settled near the day’s low at 24,426.85, down 0.30%. Sector-wise, barring FMCG, all major sectors ended in the red, with realty, IT, and auto leading the decline. The broader indices also mirrored this trend, losing nearly half a percent each.
The ongoing decline appears to be more sentiment-driven in the absence of fresh positive triggers. Notably, the Nifty is now approaching a critical support zone at 24,250–24,350. Meanwhile, the banking index has almost tested its major support around the 200 DEMA at 53,600, which could prompt some pause or even a rebound. That said, participants should continue to adopt a cautious approach, with greater emphasis on risk management, until there are clear signs of a consolidation."
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