Quote on Market Wrap Up by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Below the Quote on Market Wrap Up by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
"Markets remained volatile with large swings during the first half and remained subdued later, ending largely flat. After a positive start, the Nifty witnessed profit taking ahead of the weekends and showed some volatility and eventually settled at 24,346.70. Sectoral trends were mixed, with media, IT and infra showing strength, while metal and pharma edged lower. Pressure was more pronounced in the broader markets, as the midcap and small cap indices declined between 0.78% and 0.04%.
The index is currently in a consolidation phase, facing resistance near the 24,500 marks on a closing basis. However, rotational buying in heavyweight stocks across sectors is helping to cushion the downside. Hence, any short-term pause or consolidation should be viewed as healthy. Participants are advised to continue with a “buy on dips” strategy, focusing on stock selection based on relative strength."
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