Quote on market wrap from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
Below the Quote on market wrap from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
"Markets started the week on a muted note and ended almost flat, in absence of any major trigger. After the initial decline, Nifty gradually inched higher as the day progressed and finally settled around the day’s high at 22,959.50 level. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein pharma, metal and energy were among the top gainers while IT and auto ended in the red. The broader indices also witnessed a similar trend wherein midcap managed to close with modest gains while smallcap closed flat.
The resilience in key sectors viz. banking and IT combined oversold positions in other sectors are prompting intermediate recovery however lack of sustainability is keeping the traders on their toes. We thus suggest continuing with stock-specific approach with focus on risk management. The preference should be given to largecap and larger midcaps for long trades."
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