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Below the Quote on market wrap from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"Markets ended slightly lower on the weekly expiry day, largely weighed down by weak global cues. The Nifty index opened lower in response to the US tariff announcements but saw some recovery due to resilience in select heavyweight stocks. This helped trim losses in early trades, leading to a range-bound session before closing at 23,250.10.Sectoral trends remained mixed, keeping traders engaged—pharma and banking, particularly PSU banks, outperformed, while IT and auto sectors lagged. Broader markets, however, maintained their strength, with both midcap and smallcap indices closing in the green.

The market’s measured response to the US tariffs reflects expectations of ongoing trade discussions between India and the US, as well as the possibility of higher tariffs impacting other countries more significantly, limiting the impact on Indian exports.

From a technical perspective, traders should closely monitor the 20-day exponential moving average (DEMA) at 23,100. A break below this level could intensify selling pressure, potentially dragging the index toward 22,800. Conversely, holding above this level would likely sustain the range-bound movement. Amidst this consolidation, selective pockets across sectors are showing strength. Until a clear directional move emerges, the focus should remain on stock-specific opportunities."

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