30-03-2024 11:06 AM | Source: Religare Broking Ltd
Weekly Market Analysis : Marketsedged higher in the holiday-shortenedweek, tracking supportive cues Says Mr. Ajit Mishra, Religare Broking

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Below the Quote on Weekly Market Analysis by Ajit Mishra, SVP - Technical Research, Religare Broking Ltd


Marketsedged higher in the holiday-shortenedweek, tracking supportive cues. After the subdued start on Tuesday, the benchmark rebounded sharply in the next two sessions and inched closer to the recordhigh. Eventually, both benchmark indices, Nifty and Sensex, settled at 22,326.90 and 73,651.35 levels respectively.In line with the move, a majority of key sectoral indices moved higher.The broader indices also witnessed recovery and gained in the range 0.9%-1.3%.

We expect volatility to remain high in the coming week too, citing the scheduled MPC’s policy meet. On the global front, participants would continue to take cues from US markets, whichare showing noticeableresilience.

We expect tone to remain positive however momentum would depend on the alignment of Nifty and the banking index. We are eyeing 22,550-22,700 in Nifty ahead, with cushion at 21,850-22,050 zone. Amid all, we reiterate our preference for index majors and large midcaps and suggest focusing on themes/sectors which are showing relatively higher strength.


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