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Below the Quote on Market Wrap Up by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd

"The market kicked off the week on a strong note, extending last week's momentum with gains of over one percent. Following a gap-up opening, the Nifty moved higher, led by strength in banking and financial stocks, which lifted overall sentiment and triggered broad-based buying. All sectors participated in the rally—except FMCG—with energy, IT, and realty leading the charge. The broader markets also joined the uptrend, with mid- and small-cap indices surging nearly 2% to 2.5%.

The Nifty has finally broken past the key hurdle at 23,800 decisively, after two months of broad consolidation, indicating a potential move towards 24,250 initially, and then gradually higher towards 24,600. We reiterate our positive outlook on the index and suggest continuing with a “buy on dips” strategy, while acknowledging the possibility of an intermediate pause or consolidation following the recent vertical rally. Traders should align their positions accordingly and avoid adopting a contrarian stance."

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