Quote on Market Wrap by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Below the Quote on Market Wrap by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
"Markets showed volatility during the special trading session for the Union Budget and ultimately closed nearly flat, taking a pause after the recent rally. Following a subdued start, the Nifty gained early momentum but struggled to break past the key resistance at the long-term 200-day exponential moving average (DEMA), closing at 23,482.15. Sector-wise, the consumption-driven sectors such as FMCG, auto, and real estate saw decent buying interest, largely in response to the budget's tax relief measures. However, stocks in defense, energy, and infrastructure showed signs of disappointment. Broader indices followed a mixed trend, with no clear direction.
The impact of the Union Budget could linger in the next session, particularly in the consumption sectors. The Nifty may remain around its current levels as market participants await the next decisive move above the critical hurdle of 200 DEMA i.e. 22.620 level. Additionally, with the earnings season set to take center stage again, traders should focus on stock selection and align their positions accordingly."
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