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Below the Quote on Daily  Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

Markets strengthened recovery and gained nearly a percent, in continuation to Friday’s rebound. Firm global cues triggered an upbeat start, followed by a range bound for most of the session. However, buying in select heavyweights in the final hour further boosted the gains.  Eventually, it settled around the day’s high at 22,336.40 level. All the key sectors contributed to the move wherein auto, banking and FMCG were among the top gainers. The broader indices also traded in sync with the move and gained in the range of 1%-1.4%.

Participants are taking comfort from stability on the global front while earnings are offering mixed indications so far. On the index front, Nifty has reclaimed its short term moving average i.e. 20 DEMA but sustainability is critical to inch towards the record high. Amid all, traders should continue with a hedged approach and stay focused on stock selection. 

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